Robinhood subsidiary, Robinhood International, Ltd. is all set to provide its services as a broker in the U.K financial market, says it was licensed from the country’s regulator.
Per the announcement on 7th August, the stocks, ETFs, and crypto investment app said it got approved by the U.K. financial services regulator, the Financial Conduct Authority (FCA).
Being approved, according to the firm was a critical step to achieve its mission of democratizing finance across all nations. Therefore, the grant perhaps will enable them to provide their investing platform to the U.K. residents.
The development will be managed under the supervision of the new Robinhood International President, Wander Rutgers, who was the former executive at TransferWise. He will lead the U.K. business and oversee the new office in London.
While commenting on the license received from the U.K. regulator, FCA, Rutgers noted:
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.
Wander at TransferWise, led the product, compliance, as well as operations teams to expand into new markets. Before joining Robinhood, he served at Plum, where he spearheaded the investing and savings product.
Robinhood already launched its free mobile transaction application in the United States in August 2018. The app, however, was only available to five States with over one million users.
