Posted By Uma Rajagopal
Posted on November 19, 2024
(Reuters) – Fintech Revolut said on Monday it has got a UK trading license from the British financial regulator that will allow the company to offer trading of UK and EU-listed stocks and exchange-traded funds from 2025.
The company, which recently secured a $45 billion valuation making it one of Europe’s most valuable fintechs, will now compete with companies such as Trading 212, Freetrade, Hargreaves Lansdown and AJ Bell in the UK trading market.
Revolut, which currently has more than 650,000 UK trading customers, earlier operated as a partnership where it offered an investment service through its app and retail customers could buy and sell shares listed in the United States.
The company received a UK banking licence in July with some restrictions, ending a three-year wait for the authorisation and removing regulatory uncertainty that had held back its ambitions in Britain.
London-based Revolut is one of a handful of financial services apps to emerge in Britain over the last decade, offering services without physical branches.
(Reporting by Yamini Kalia in Bengaluru; Editing by Shounak Dasgupta)
