Financial services company Robinhood has announced the receipt of authorisation to operate in the UK.
The UK’s Financial Conduct Authority (FCA) has authorised Robinhood to act as a broker.
The news means that the company’s stock investment app will become available to customers in the UK. Robinhood offers commission-free investment in US stock markets, across stocks, ETFs, options and cryptocurrencies.
The company also announced the appointment of Wander Rutgers as President of Robinhood International. Rutgers will lead the UK business from a new London office.
In the company’s 7 August press release, Rutger said: “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.”
According to Crunchbase, Robinhood has raised $862mn from seven funding rounds. Its latest Series E funding round saw the company receive $323M, with Hong Kong’s DST Global leading.