Revolut receives FCA approval to expand wealth management and investment services

Odaily reported that digital bank Revolut has announced that its trading division, Revolut Trading Ltd, has received an expansion of permissions approved by the UK Financial Conduct Authority (FCA), allowing it to launch more comprehensive investment and wealth management services in the UK market.

Under the newly approved Variation of Permissions (VoP) license, Revolut can now manage investment portfolios for clients and participate in certain transactions as a principal. This means the platform can offer leveraged investment products, professionally managed portfolios, and customized wealth management services for high-net-worth clients. These features will all be integrated into its mobile app, alongside everyday banking and payment tools.

It is reported that Revolut plans to further introduce AI-driven portfolio recommendation tools, continuing its transformation into an "all-in-one financial platform." Earlier this year, Revolut officially obtained a full UK banking license. Analysts believe that the FCA's approval demonstrates the platform's enhanced maturity as a regulated financial institution, while also reflecting the accelerating competition between fintech companies and traditional banks as well as wealth management firms. (Crowdfundinsider)