According to BlockBeats, fintech company Revolut announced that it will split its 8.5 billion euro (about 9.5 billion US dollars) wealth management business into an independent application Revolut Invest to compete for more retail investor market share.
Revolut Invest plans to launch nearly 5,000 investment products, including US stocks, European stocks, ETFs, commodities, bonds and contracts for difference (CFDs). Stock and bond investments will be charged a fixed fee of 0.25% or 1 euro, and CFDs fees may be different.
The app, which is currently being tested in Greece, Denmark and the Czech Republic, plans to launch in other European Economic Area countries by the end of 2024, with plans to double the number of tradable assets in the same period, said Rolandas Juteika, regional head of wealth and trading at Revolut.