British FinTech firm Revolut is jumping into the online brokerage space with its own commission-free stock trading platform, which is being run in partnership with U.S. broker DriveWealth. The company launched the service, which lets users buy or sell popular stocks with the tap of a button, as a way to lure millennials who normally shy away from investing. The Revolut service also allows users to buy fractions of shares for as low as USD 1. The company hopes that this will allow young users to develop their personal wealth from a younger age in a way that is comfortable, easy and low-cost. Revolut’s service doesn’t currently charge commissions; however, it will eventually apply pass-through fees where applicable and a 0.01% custody fee. The company also hopes that users, once comfortable with the service, will opt to move beyond its basic services and pay for premium offerings.
Revolut currently has over 6 million users and was last valued at USD 1.7 billion in value.