Robinhood gets approval from FCA to operate as a broker in the UK
- US-based cryptocurrency startup proceeds with global expansion.
- The London-based team will be headed by Wander Rutgers.
The US-based cryptocurrency startup gained approval from the UK’s Financial Conduct Authority (FCA). Now the company can deploy its popular zero-free investment app on the territory of the country.
"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. Stay tuned for launch,” the company wrote in its official Twitter channel.
The international subsidiary of the company is headed by former TransferWise executive Wander Rutgers.
“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.,” he said commenting the news.
Robinhood boasts to have over 6 million users, most of them are young investors. Also, recently, the company announced a $323 million raised during Series E round, which brings the its valuation to $7.6 billion.
Meanwhile, Robinhood might face stiff competition in the UK. Its closest rival, Revolut, has recently launched a commission-free trading service that allows investing int popular US stocks.
Author
Tanya Abrosimova
Independent Analyst
