Revolut granted UK trading licence from FCA
UK challenger Revolut has obtained a UK trading licence from the Financial Conduct Authority (FCA), and is now plotting the launch of new in-app trading products and features.
Revolut picks up UK trading licence from FCA
Revolut has enabled US share trading for retail users through its app since 2019, acting as an Appointed Representative with a UK Principal.
“Now with its own stand-alone licence, Revolut Trading Ltd is an authorised investment firm,” the company says in a statement.
Revolut says it is now “refreshing” its app with plans to launch new trading products covering UK and EU stocks and ETFs.
“We know that there is so much more our Revolut Trading customers want from our platform and we are working hard to deliver on this, rolling out new features safely and considerately,” comments Yana Shkrebenkova, head of wealth and trading UK at Revolut.
The trading licence follows the digital bank’s receipt of a restricted UK banking licence from the Prudential Regulation Authority (PRA) in July, three years after its application was first filed.
According to a report by Bloomberg in September, Revolut has also applied for an electronic money institution (EMI) licence with the Central Bank of the UAE (CBUAE), which if granted, would enable the bank to offer remittance services in the country.
Since its inception in 2015 as a digital payments app, Revolut has extended its remit with a number of developments, including BNPL credit, cryptocurrency trading, advance wage payments and home rentals.
The challenger was named as Europe’s most valuable private tech business with a value of $45 billion following a secondary share sale in August.
