Revolut has hit two million customers in Europe and is actively working on a commission-free trading platform.

The digital-only bank will soon allow customers to instantly invest in UK and US listed companies, as well as other instruments such as Exchange Traded Funds and options – aiming to tackle high fees, confusing trading interfaces and tedious onboarding processes.

Founder and chief executive Nik Storonsky said he wants to cause the same disruption in investments his firm has done in banking. “Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers; the pain points are clear for us and the room for improvement is massive.”

Meanwhile, in the last 12 months, Revolut has increased customer acquisition by over 300 per cent to over two million customers, along with a monthly transaction volume of $2 billion and customers making over 100 million individual transactions.

Approximately 900,000 of the customers are UK-based, with France and Poland emerging as the second and third largest markets respectively. Revolut expects to launch in the US, Canada, Singapore, Hong Kong, Australia and New Zealand in the next few months.

Revolut has just entered the Russian market via a deal giving access to the payment infrastructure of local institution, Qiwi Bank. It will use Qiwi’s open APIs to get banking licenses and technologies for customer identification, payment processing and card issuance.

In April, the London-based challenger bank raised an additional $250 million in funding that will increase its valuation by five times in less than a year to $1.7 billion.

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