- Revolut’s trading feature lets users buy or sell popular U.S. stocks from Apple to Beyond Meat.
- Users can also buy a fraction of a share, with the minimum amount being $1 worth of stock.
- The move comes after Robinhood’s botched attempt to launch checking and savings accounts.
British fintech firm Revolut is jumping into the online brokerage space with its own commission-free stock trading platform.
The company launched the service — which lets users buy or sell popular U.S. stocks from Apple to Beyond Meat at the tap of a button — on Thursday, looking to lure in millennials who normally shy away from investing.
People will also be able to buy a fraction of those shares, with the minimum amount they can own being $1 worth of stock. Revolut claims the move means it’s the “first-ever company” to bring fractional U.S. shares to Europe.
“It’s about including people that have previously been excluded from developing their personal wealth,” Andre Mohamed, the executive leading Revolut’s trading team, told CNBC in an interview, adding that low interest rates have made it difficult for bank customers to save.
“This gives them another way to accumulate their personal wealth starting from a younger age in a way that is easy and low cost.”
The firm’s trading move comes after Robinhood’s botched attempt to launch checking and savings accounts last year. The Menlo Park, California-headquartered company has made waves in the U.S. with its no-fee trading service, but it hit a snag with its banking push due to regulatory concerns…