Odaily Planet Daily News: Fintech company Revolut Ltd. announced that it will spin off its 8.5 billion euro (about 9.5 billion U.S. dollars) wealth management business into an independent application, Revolut Invest. The move is aimed at competing with competitors such as Robinhood and eToro for a larger market share of retail investors. The Revolut Invest application plans to offer nearly 5,000 investment products at its debut, including U.S. and European stocks, exchange-traded funds (ETFs), commodities, bonds, and new products such as contracts for difference (CFDs). According to Revolut's statement, stock and bond investments will be charged a fixed fee of 0.25% or 1 euro, while the fees for CFDs may vary. Rolandas Juteika, regional head of wealth and trading at Revolut, said the app is currently being tested in Greece, Denmark and the Czech Republic, and is scheduled to be launched in other European Economic Area countries by the end of 2024. The company also plans to double the number of tradable assets during the same period. (Bloomberg)