Robinhood abandons UK launch

Robinhood has abandoned its planned UK launch as it deals with operational problems caused by a lockdown trading surge in its core US market.

"We'll be closing our waitlist and taking down our UK website shortly," read a statement from the commission-free stock trading app. "The world has changed a lot over the past several months and we’re adapting with it."

It added that rather than pursuing planned global expansion, efforts are currently best spent "on strengthening our core business in the US and making further investments in our foundational systems".

Last week, Robinhood topped up its Series F funding round with an extra $320 million, valuing the company at $8.6 billion.

The latest investment round followed the initial Series F in May, which raised $280 million.

The firm has added millions of funded accounts this year and in recent weeks it has reported record revenue growth, with investors keen to take advantage of market volatility during the pandemic.

However, the increased demand has put strain on Robinhood's systems, with the app experiencing several outages during March. It promised to compensate investors affected by outages on a case-by-case basis. but at least one person has already begun legal action.

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