Revolut has set its sights on new product opportunities after receiving a UK trading license from the Financial Conduct Authority (FCA).
With this licence, Revolut will be able to make significant improvements to aspects of its business, such as user experience. Additionally, this licence allows the fintech to offer new trading products and features to its 650,000+ existing UK trading customers.
The firm has already outlined planned enhancements, including introducing UK and EU stocks and ETFs, as well as refreshing the app. These planned upgrades are set to be launched next year.
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.”
Prior to obtaining this licence, Revolut operated its trading feature as an appointed representative with a Principal in the UK, which allowed the fintech to offer an investment service through its app. On this platform, customers could buy and sell shares listed in the US.
At this moment in time, there will be no changes made to how customers use Revolut and UK users can continue to access and trade on the fintech’s aforementioned app. The firm has stated that such changes will be communicated at a later date.
It has been another big year of growth for Revolut across its services. Earlier this month, the firm expanded its crypto exchange to 30 new European Economic Area (EEA) countries – a service that it has experienced success within the UK.
There are also reports of further growth for Revolut, suggesting that the fintech is to offer its services in India having originally received a regulatory licence in 2021. This move, if true, presents huge opportunities given India’s huge population.
