London fintech disruptor Revolut is continuing to ruffle feathers in the Irish financial services sector. Last month Revolut said that it had doubled its Irish customers in just six months, rising from 500,000 users before Christmas to more than a million in May. I now hear that it has snapped up Johnny Lynch, Cantor Fitzgerald’s head of private clients, to turbocharge its wealth and trading arm here.
Revolut wipes the floor with many of its traditional stockbroking rivals with speedy zero-commission trading on US equities. It’s execution-only, leaving advisory trading to the old-school brokers. Revolut also offers crypto trading, for the clinically insane, and is widening out its retail commodity offer.
Bankers, come the Revolut, we know who will be first against the wall.