Revolut “super app” introduces robo-advisor in US
Fast-growing fintech Revolut has extended its suite of services within its “super app” by introducing a robo-advisor service in the United States.
This new offering aims to simplify and automate the investment process for customers, offering them a comprehensive solution for managing their portfolios with lower fees compared to traditional investment companies.
Also central to the new feature is the updated centralized page that Revolut calls the ‘Hub,’ which simplifies navigation and enables customers to explore its diverse range of offerings by scrolling through a single screen.
Customers can choose from five diversified portfolios based on their risk tolerance. Once a customer deposits funds into their portfolio, the Robo-advisor takes care of the investment process by automatically investing the money in the market. It then continuously monitors and manages the portfolio.
The Robo-advisor ensures that the portfolio stays aligned with the customer’s risk tolerance, which is determined during the onboarding process. Developed by Revolut, the Robo-advisor provides a convenient way for customers to grow their wealth without requiring continuous management.
The addition of the robo-advisers, which are being adopted rapidly by the wealth management industry worldwide, expands Revolut’s range of products and services for managing financial needs.
Jack Callahan, Revolut US Head of Wealth and Trading, said: “We are excited to add a Robo advisor to our superapp’s suite of wealth and investment products and services. We know that many of our customers do not have the time to manage a portfolio or invest in individual securities. Built to make investing more accessible, we want to give our customers the ability to make their money work for them in what we believe will be a tailored and stress-free way.”
Revolut prides itself on being a financial “super app” that effectively consolidates a range of consumer services into one convenient application. Essentially, it allows users to seamlessly handle savings, expenditures, investments, and even benefit from travel-related protections, all within a single platform. This integrated approach enables individuals to efficiently manage their finances, both locally and while abroad, through a sophisticated and user-friendly application.
The United States represents a key market for Revolut, with a large number of tech-savvy investors seeking accessible investment solutions. By launching the robo-advisor service in the U.S., Revolut aims to tap into this market potential and attract a growing number of investors who are looking for digital and automated investment tools.
Robo-advisers, which use computer programs to provide investment advice online, typically charge less than half the fees of traditional brokerages. Revolut Robo-advisor offers customers a cost-effective solution for creating investment portfolios, with a low annual fee of 0.25%. Additionally, with a monthly minimum of just $0.25, it provides an affordable option for individuals looking to build their investment portfolios.
Revolut expects that the robos will attract the mass affluent segment, broadly defined as those with less than $1 million in investable assets, who may be attracted by its high-level technology services.
