Revolut to Compete with Robinhood on Commission-free Stock Trading in US
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Revolut, the UK's most valuable banking startup with a $33 billion valuation, is about to open US customers commission-free stock trading to compete with Robinhood, CNBC has learned. The company plans to announce later on Tuesday that it secured a US broker-dealer license, said Revolut CEO Nikolay Storonsky.

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"We are eager to break down common barriers to entry around stock trading such as account minimums and complex interfaces," Storonsky said.

Revolut CEO Described Scenario for IPO

The Revolut CEO also hopes the application will allow people to manage all aspects of their finances, "from banking and foreign exchange, to cryptocurrency and stock trading." Ron Oliveira, the CEO of Revolut USA, said that the business is approved by the Financial Industry Regulatory Authority (FINRA) as an "introducing broker" and will lean on New Jersey-based fintech DriveWealth to clear the trades.

"[FINRA] took a deep dive — they asked lots of questions because they wanted to see exactly what the consumer experience was," Oliveira said.

The announcement comes after Revolut signed a partnership agreement with WeWok, which includes payments using bitcoin (EXANTE: Bitcoin). According to the real estate provider, Revolut will rent space for over 300 employees at WeWork 6900 Dallas Parkway in Dallas.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

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