UK-based neobank Revolut has got approval to offer investment products in the UK.
The company sent an email to customers saying that one of its UK subsidiaries – Revolut Trading – has received the green light from the Financial Conduct Authority (FCA) to offer its services to UK clients.
Revolut did already offer some investment products to its UK clientele. However, that was done via appointed representative agreements.
Monday’s FCA approval means the company can offer the products itself, without having to use another firm’s regulatory umbrella.
The company has already launched Revolut Invest, a standalone investment app, in Europe.
That app went live at the end of September in Greece, the Czech Republic, and Denmark. The app saw a huge surge in downloads after going live.
The company’s brokerage offering is a mix of cash equities, fixed-income, and leveraged products. Currently the firm uses DriveWealth to offer US stocks, with CMC Markets providing access to other products, including CFDs.
