The Silicon Valley Fintech Startup RobinHood, valued at $7.6bn, has simply been granted approval by the Monetary Conduct Authority (FCA) to broaden its operations into the UK market. The Firm’s mission to democratise finance by providing fee free inventory inveting has confirmed extremely fashionable amongst youthful generations and its enlargement into cryptocurrency final yr has solely assist to speed up that development.
RobinHood launched in 2013 and has subsequently grown to over 6 million customers inside the US. These customers can commerce a rising record of conventional inventory choices alongside Bitcoin, Ethereum, Litecoin, BCH, Dogecoin and Ethereum Basic in addition to view market knowledge for an addititonal 11 digital property in whole that aren’t at the moment listed for buying and selling.
A brand new subsidiary, Robinhood Worldwide llc., primarily based out of London, has appointed former TransferWise government Wander Rutgers because it’s President. Rutgers will oversee UK operations and the brand new group at the moment being shaped, in an announcement concerning the information he mentioned:
“At this time marks the start of a brand new chapter for Robinhood, and we’re excited to take the primary vital step in the direction of bringing our investing platform to clients within the UK,”
“I’m thrilled to be part of Robinhood and our effort to broaden into a brand new worldwide market.”
RobinHood joins a rising record of cellular brokerages within the area together with FreeTrade, Revolut, Bux and eToro and has plans to additional disrupt conventional banking and wealth administration providers going ahead.