U.K. challenger bank Revolut is rolling out a new feature enabling stock trading through its app for United States customers after receiving approval to become a stockbroker.
With the feature, U.S. customers will be able trade over 1,100 securities, including stocks, and access 200 exchange-traded funds on the New York Stock Exchange and Nasdaq, Reuters reports.
Furthermore, the fintech firm will offer access to fractional shares and several order types, including limit and stop-limit orders.
The stock trading capability means Revolut is now competing directly with platforms like Robinhood while banking on the retail stock trading that is gaining momentum.
Notably, the growth in retail stock trading has come at a cost, with regulators raising concerns over what they termed as irresponsible investing behavior. However, Revolut U.S. head of trading Gabe Vallejo notes that the platform is within regulatory means.
“We don’t want to promote irresponsible investing. We made sure to have nothing that would look or feel like gamification in our app,” said Gabe Vallejo.
Shift to super app status
The stock trading capability now accelerates Revolut’s shift towards the ‘super app’ status. The bank’s roadmap has seen the platform launch several products to help users manage every aspect of their finances.
Revolut is now offering more services beyond its initial payment role alongside expanding to other jurisdictions globally.
After launching in the United States in 2020, Revolut has since added high-interest savings, small business banking, U.S.-Mexico remittances, and cryptocurrency trading services for the region.
Besides the U.S., the neobank received approval to provide gold and silver exposure to customers in Singapore.
Additionally, the company has hinted at making further inroads in the cryptocurrency space through the reported launch of an exchange. As reported by Finbold, in 2021, Revolut advertised a lead tech position for an individual who will be in charge of developing a cryptocurrency exchange.
The company has not issued any further details on the possibility of unveiling an exchange.
Following the bank’s expansion and roll out of various products and services, it now serves over 16 million customers globally, with Revolut Business users accounting for at least 500,000.