Revolut is rolling out commission-free stock trading in the U.S., highlighting the U.K. mobile banking company’s bid to become a “global financial super app.” The move is also a direct challenge to major online brokerages led by Robinhood. Shares of Robinhood slipped 2% in late morning trading.
Revolut, which became a licensed U.S. broker-dealer in June 2021, is offering customers access to more than 1,100 securities, including more than 200 ETFs, on the NYSE and the Nasdaq, the company said in a statement.
Revolut has aggressively expanded beyond digital banking. Last year, the company introduced Stays, a feature which lets users book hotels and other travel accommodations through the Revolut app.
Revolut moved into the U.S. market in March 2020. The company said it is also planning to introduce “unsecured lines of credit” in the future.
“Over the last 18 months, Revolut’s core focus in the U.S. has been to design an app that meets the financial needs of the modern U.S. consumer, and launching stock trading is the natural next step in this effort,” CEO and co-founder Nik Storonsky said in a statement.