Robinhood, the commission-free stock and crypto trading platform announced in a blog post on August 7 that it has received approval from the UK’s regulatory agency, Financial Conduct Authority (FCA), to offer its services as a broker in the UK.
According to the blog post, this development is a “critical step” for the company for achieving its mission of “democratizing finance for all”.
Ex-TransferWise Exec to head the London Office
The company has also appointed Wander Rutgers as the company President, and he will be responsible for overseeing the UK business. Wander has joined Robinhood after having worked at Plum as Product head and TransferWise as the Head of Banking & International Expansion and Head of Treasury / Product.
“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. I’m thrilled to be a part of Robinhood and our effort to expand into a new international market,” commented Wander.
While Robinhood will be offering its investing platform to investors for traditional assets, the company has not yet revealed if it will offer cryptocurrencies to investors in the UK.
Upon being asked about it, the exchange responded that it does not have any more details about the news as yet.
In July, Robinhood announced the completion of a $323 million Series E round led by DST Global that put its valuation between $7 billion and $8 billion.