TechFlow news, on September 24, according to Bloomberg, fintech company Revolut Ltd. announced the spin-off of its €8.5 billion (approximately $9.5 billion) wealth management business into a standalone app called Revolut Invest. The move aims to compete with rivals such as Robinhood and eToro for a larger share of the retail investor market.
The Revolut Invest app will offer nearly 5,000 investment products at launch, including U.S. and European stocks, exchange-traded funds (ETFs), commodities, bonds, and new offerings such as contracts for difference (CFDs). According to Revolut's statement, stock and bond investments will incur a fixed fee of either 0.25% or €1, while CFD fees may vary.
Rolandas Juteika, Revolut's regional head of wealth and trading, said the app is currently being tested in Greece, Denmark, and the Czech Republic, with plans to roll out to other European Economic Area countries by the end of 2024. The company also plans to double the number of tradable assets during the same period.
