Revolut Expands Services in Australia, Launches Stock Trading

Revolut, which rolled out its Australian services in August 2020, has now enhanced its offerings to Aussie clients by launching stock trading services, the fintech company announced on Wednesday.

The new service will allow Revolut’s Australian clients to buy and sell company stocks listed on two American exchanges, the New York Stock Exchange (NYSE) and NASDAQ. The mobile-based platform will even allow customers to purchase fractional stocks, a service that has become very popular in recent years.

“We’re really excited to be offering Stock Trading to our Australian customers, and simplifying the trading experience for both new and experienced investors,” Revolut’s Australia CEO, Matt Baxby said.

Expanding Services

Revolut first launched its services in Australia in 2010, allowing its users to manage their financials using a single app. It became very popular in the country and has onboarded more than 100,000 Australian customers since the launch.

Now, to attract more customers for its stock trading services, Revolut is offering commission-free services till the end of this year. However, it will be only limited to customers signing up before the end of June.

“There are so many barriers for Aussies who want to invest in the US stock market. Traditional providers sting customers with a whole slew of hidden fees, including brokerage, markups on foreign exchange into US dollars, as well as deposit and withdrawal fees. By offering commission-free trades and our market-leading FX rates, our stock trading feature sets out to simplify things and give investors more money on their trades, and less on fees,” added Baxby.

Meanwhile, the London-headquartered company is focused on global expansion. It has launched banking services in most of the European Economic Area countries and is now expanding outside the continent. The fintech recently purchased Arvog Forex to accelerate its service launch in the Indian market.