The Silicon Valley Fintech Startup RobinHood, valued at $7.6bn, has just been granted approval by the Financial Conduct Authority (FCA) to expand its operations into the UK market. The Company’s mission to democratise finance by offering commission free stock inveting has proven incredibly popular amongst younger generations and its expansion into cryptocurrency last year has only help to accelerate that growth.
RobinHood launched in 2013 and has subsequently grown to over 6 million users within the US. Those users can trade a growing list of traditional stock options alongside Bitcoin, Ethereum, Litecoin, BCH, Dogecoin and Ethereum Classic as well as view market data for an addititonal 11 digital assets in total that are not currently listed for trading.
A new subsidiary, Robinhood International llc., based out of London, has appointed former TransferWise executive Wander Rutgers as it’s President. Rutgers will oversee UK operations and the new team currently being formed, in a statement about the news he said:
“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 UK,” “I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”
RobinHood joins a growing list of mobile brokerages in the space including FreeTrade, Revolut, Bux and eToro and has plans to further disrupt traditional banking and wealth management services going forward.