Revolut: UK fintech launches stocks and shares ISA
Digital banking juggernaut Revolut has expanded its investment offering into stocks and shares ISAs for UK customers.
The Canary Wharf-based firm will offer its new ISAs, along with over 100 UK-listed exchange-traded funds, through its investing arm Revolut Trading.
Revolut will offer fund managing titans such as Blackrock, Amundi and Vanguard for the ETF platform, which will be available to the fintech’s 11m UK customers.
Users will be able to invest starting from £1 through the bank’s app.
“Brits have historically had a lower appetite for investing, potentially missing out on opportunities to build long-term wealth,” Revolut said.
ISA reform on the Mansion House agenda
Reforms to ISAs are expected to be one of the top issues when Chancellor Rachel Reeves delivers her Mansion House speech on 15 July.
Reeves is poised to cut the tax-free cash ISA allowance in a bid to release capital into the ailing markets.
One in four savers would channel additional funds into UK equities via the parallel stocks and shares ISA if the government changes, according to research from AJ Bell.
Yana Skrebenkova, CEO of Wealth and Trading UK, said: “We believe that building wealth shouldn’t be a privilege reserved for the few.
“That’s why we’re breaking down the barriers to give our UK customers access to more low-cost investment tools alongside their day-to-day spending, without navigating multiple platforms.”
This comes as the latest innovation in Revolut’s roadmap to create a “super app”.
The business’ ventures outside of banking, which include its “Stays” booking platform in 2021 and its crypto platform in 2024, have helped diversify cash inflows.
Revenue nearly doubled in 2024 reaching £3.1bn, as the firm’s diversified operations bolstered their takings.
Unlike its high street rivals, Revolut offers a premium subscription service with different tiers and rates. Subscription income nearly doubled hitting £423m in 2023.