Revolut set to take on Hargreaves Lansdown after winning trading licence

Revolut is set to allow customers to buy UK-listed stocks on its platform from next year after winning a trading licence from the City watchdog.

In an announcement today, Europe’s most valuable fintech said it had been authorised by the Financial Conduct Authority to allow UK customers to trade British and EU-listed stocks and exchange-traded funds from 2025.

Since 2019, Revolut has operated its trading feature through a partnership model, which allows users to buy and sell shares listed in the US. However, the authorisation will now put the company in direct competition with traditionally dominant retail investment platforms like Hargreaves Lansdown and AJ Bell.

“Today’s announcement is a significant milestone for Revolut Trading,” said Yana Shkrebenkova, head of wealth and trading UK at Revolut. “Having launched our successful investment product five years ago, we strive to bring the best in class investment products to our customers in the UK.”

Revolut’s entry into the market will increase competition in a crowded field of retail investment firms in the UK. A host of fintechs and trading platforms have muscled into the market over the past decade, including Etoro, Freetrade and Robinhood, which currently only allows users to buy US stocks.

Robinhood-rival Public.com launched in the UK last year but shuttered its operations just eight months after launch in order to “focus on US business”, City AM revealed.

The move will bolster Revolut’s offer in its home market after it received a UK banking licence in July after a three-year wait. 

The Canary Wharf-headquartered firm, which recently secured a $45bn valuation in a secondary share sale, boasts around 650,000 customers in the UK and 10m globally.