Revolut to launch commission-free stock trading in the United States

British fintech Revolut will for the first time offer US users commission-free stock trading. CNBC reported that Revolut founder Nikolay Storonsky said this.

He said the firm would announce on Tuesday, September 21, that it had received a broker-dealer licence in the United States. As of this writing, there were no official statements from the company on the matter.

The licence will allow Revolut to compete with the likes of Robinhood and Square in retail trading.

Storonsky added that the company would create a single app through which ‘people can manage all aspects of their finances—from banking operations and currency exchange to trading cryptocurrencies and stocks.’

According to Ron Oliveira, head of the US unit, Revolut is currently testing a service that will allow users to buy ETF and stocks of companies listed on the NYSE and Nasdaq. It is expected to become available within a few months.

In July, Revolut raised $800 million at a valuation of $33 billion. In September Storonsky stated that ahead of an IPO the company’s revenue should be in the region of several billions of dollars a year.

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