Robinhood is bringing its investing platform to the UK
Fri, 09 Aug 2019, 03:54 am UTC
Crypto trading app Robinhood has received a go signal to operate as a broker in the United Kingdom.
Robinhood International, the firm’s subsidiary, has been granted a broker’s license by the Financial Conduct Authority (FCA).
In its blog post, the company said the recent approval will allow the financial services firm to bring its investing platform nearer to its UK clients and a step closer to achieving its goal of democratizing finance for all.
We’re excited to share that Robinhood International, Ltd. has been authorized by the Financial Conduct Authority to operate as a broker in the United Kingdom. This means we’re one step closer to democratizing finance for all.— Robinhood (@RobinhoodApp) August 8, 2019
Stay tuned for launch. ????????https://t.co/xq35uEPxR2 pic.twitter.com/ZJkyJcsEnQ
In addition, the firm also announced that it has onboarded TransferWise executive Wander Rutgers to oversee its UK business and London office as the new President of Robinhood International. He also previously served the investment and savings app Plum, where he spearheaded the startup’s investing and savings product.
“Today marks the beginning of a new chapter for Robinhood, and we’re excited to take the first important step towards bringing our investing platform to customers in the U.K. I am thrilled to be a part of Robinhood and our effort to expand into a new international market,” Rutgers said.
In May, the Silicon Valley-based firm officially launched its crypto-trading app in New York, after it obtained a BitLicense and money transmitter license.
Last month, Robinhood scored $323 million in a Series E funding round, bringing its post-money valuation at $7.6 billion. DST Global led the funding round with participation from other investors such as Ribbit Capital, NEA, Sequoia, and Thrive Capital.
Robinhood Crypto now supports Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV, Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DGC). Other than cryptocurrencies, the six-year-old firm that shook the brokerage space with commission-free trading also offers trading options for stocks, options, and exchange-traded funds.
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