Revolut looking to become a bank and an investment platform for Australians.

According to the AFR this morning, Revolut is preparing to launch zero-brokerage trading of US-listed equities for its Australian users. On top of this it has applied for a banking licence to allow it to offer deposits to its currently 100,000-plus Australian users. The company is looking to create a “super app” to manage financial services. 

This move would also see it come into competition with Stake who already have around 300,000 users, as well as possibly competing with apps such as Raiz and Spaceship as the convenience and ease of individual stock investing is increased through their platform.

The growth of a six-figure user base after only launching last year is substantial and the company already has a massive brand name in the UK with 16 million users. There are some serious tailwinds in this area and with a strong name and management already this could be an issue for Selfwealth's business. The 'race to the bottom' continues.

The article can be found here.

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