Robinhood gets UK broker authorisation
Written by Peter Walker
Commission-free stock trading app Robinhood has been authorised by the Financial Conduct Authority (FCA) as a broker in the UK.
The US FinTech has yet to give a date for its formal launch, but is currently hiring for several roles in London across compliance, operations, user research and marketing.
It has also appointed Wander Rutgers to lead the UK business, bringing his experience from senior roles at savings app Plum and cross-border payments unicorn TransferWise.
“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,” he commented.
The FCA approval follows UK digital challenger bank Revolut announcing plans last week to launch its own commission-free stock trading service across Europe, starting with a gradual roll-out to a select group of its Metal card customers.
Last month, Robinhood announced a $323 million Series E financing round, valuing the company at a $7.6 billion, led by DST Global, with participation from Ribbit Capital, NEA, Sequoia and Thrive Capital.