Revolut, the global fintech, has been granted a UK trading licence by the Financial Conduct Authority (FCA), making the fintech an authorised investment firm with its Trading feature.
Since 2019, Revolut has operated its Trading feature as an Appointed Representative with a Principal in the UK. This partnership allowed Revolut to offer an investment service through its app, where retail customers could buy and sell shares listed in the US. The new licence will allow for significant improvements to the platform and pave the way for new products and features.
The new licence pairs with the UK banking licence with restrictions Revolut acquired by the Prudential Regulation Authority (PRA).
The next step
With over 10 million customers (over 45 million worldwide) and over 650,000 utilising its trading platform in the UK, Revolut is looking to introduce UK and EU stocks and ETFs. Furthermore, it is looking at refreshing the app and launching new products and features. This is in line with its commitment to helping customers of all wealth levels feel confident in making good investment decisions and understand the associated risks.
Yana Shkrebenkova, head of wealth and trading UK at Revolut commented: “Today’s announcement is a significant milestone for Revolut Trading. Having launched our successful investment product five years ago, we strive to bring best in class investment products to our customers in the UK.
“We know that there is so much more our Revolut Trading customers want from our platform and we are working hard to deliver on this, rolling out new features safely and considerately.
“Revolut exists to help people get more out of their money, and today’s announcement is another step in our journey of delivering that.”
Nothing currently changes for customers who invest with Revolut and UK customers can continue to use the app’s trading features as they always have. Any further changes will be communicated with customers promptly.
