NewsletterBreaking: Robinhood Names New CEO Amid UK Expansion Push
The share trading software Robinhood, which is responsible for a contentious new wave of stock market speculation in the US, is getting ready to introduce services abroad to attract British clients. In response, the US stock trading app poached a top executive from British fintech firm Freetrade, Bloomberg reported.
New UK CEO Ahead Of Launch
On Tuesday, it was revealed through a record kept by the UK’s Financial Conduct Authority that Jordan Dane Sinclair had been chosen and given the go-ahead to serve as CEO of Robinhood UK Ltd. According to accounts filed by its UK subsidiary in May, the platform plans to introduce brokerage services to individual UK retail investors this year after making two prior attempts.
According to Sky News, which broke the news of his appointment, Sinclair most recently served as managing director for Europe at the regional retail stock-trading software Freetrade.
One job posting for the company stated, “Our team of Hoodies in the UK will enable Robinhood to continue developing excellent financial products on our journey towards democratizing finance for all.”
There is a need to fill these important positions in the UK, as regulatory filings suggest Robinhood intends to introduce an FCA-approved brokerage service for UK retail investors by the end of the year.
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Robinhood’s Competition In The UK
Robinhood has been planning for the UK launch for years now. The initiative was officially postponed in 2020. The firm will also have tough competition to face in the UK market.
Public.com, a Robinhood rival, is expanding for the first time outside of its native American market with the debut of its commission-free investing platform in the UK. The business, which additionally provides investment in US Treasuries, ETFs, cryptocurrency, and other assets in the US, intends to eventually broaden the range of products it offers in the UK and enter other European nations.
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