Digital banking powerhouse Revolut has broadened its investment portfolio to include stocks and shares ISAs for its 海角视频 clientele.
The Canary Wharf-based enterprise will provide these new ISAs, along with over 100 海角视频-listed exchange-traded funds, via its investment division, Revolut Trading, as reported by .
In a strategic move, Revolut has teamed up with fund management heavyweights such as Blackrock, Amundi, and Vanguard for the ETFs, which will be accessible to the fintech's 11 million 海角视频 customers. Users can start investing from as little as £1 through the bank's app.
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"Brits have historically had a lower appetite for investing, potentially missing out on opportunities to build long-term wealth," commented Revolut.
ISA reform on the Mansion House agenda
Changes to ISAs are anticipated to be a key talking point when Chancellor Rachel Reeves delivers her Mansion House speech on 15 July. Reeves is expected to reduce the tax-free cash ISA allowance in an effort to inject capital into struggling markets.
According to research by AJ Bell, one in four savers would divert additional funds into 海角视频 equities via the concurrent stocks and shares ISA if the government implements changes. Yana Skrebenkova, CEO of Wealth and Trading 海角视频, stated: "We believe that building wealth shouldn't be a privilege reserved for the few."
She added: "That's why we're breaking down the barriers to give our 海角视频 customers access to more low-cost investment tools alongside their day-to-day spending, without navigating multiple platforms."
This development marks the latest milestone in Revolut's ambitious plan to craft a "super app", further solidifying its position in the fintech landscape.
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Beyond its core banking operations, the company has made notable forays into other areas, such as the launch of its "Stays" booking platform in 2021 and a cryptocurrency platform in 2024, successfully broadening its revenue streams.
The diversified ventures have borne fruit, with Revolut's revenue nearly doubling to £3.1bn in 2024, underscored by the robust performance of its varied operations.
A key differentiator for Revolut is its premium subscription model, which features tiered pricing—a departure from the traditional high-street banking approach. This strategy has yielded impressive results, with subscription income surging to £423m in 2023, representing a near doubling.