Revolut launches its own retail wealth app to compete with Robinhood and eToro

Fintech firm Revolut Ltd. is spinning off its €8.50 billion ($9.50 billion) wealth management product into a standalone app as it seeks to compete with the likes of Robinhood and eToro for a larger market share for retail investors, Bloomberg reported on Sept. 24. The app, called Revolut Invest, will offer nearly 5,000 assets when it debuts, including U.S. and European stocks, exchange-traded funds, commodities and bonds, as well as new products such as CFDs. The bank said in a statement on Tuesday that investments in stocks and bonds will face a fixed fee of 0.25% or €1, while CFDs may be charged differently.
Rolandas Juteika, Revolut's regional head of wealth and trading, said in an interview that the app is currently being tested in Greece, Denmark and the Czech Republic and will be launched in other European Economic Area countries by the end of this year. He added that there are plans to double the number of assets available for trading within the same timeframe. Juteika said users who sign up for Revolut Invest will go through the same onboarding process as Revolut Bank customers, meaning that if they download the main banking app at a later date, they can choose to use the bank's full services. Bank customers can still make investments through the main app.