The popular Robinhood app will be operating in the United Kingdom soon. A subsidiary of the company, which works with stocks, crypto, and ETFs, has received the license to operate in the United Kingdom.
Robinhood International, the subsidiary that got the license, can now act as a broker in the U. K., according to the Financial Conduct Authority (FCA). Representatives of the company affirmed that this was being considered a critical step by the company and that it would help the company to achieve its goal of democratizing the financial world all over the globe.
Former TransferWise Executive To Lead Initiative
Wander Rutgers, who worked on TransferWise before, was appointed as the new head for the British operation’s office. Before now, Rutgers still worked on TransferWise and served as head of product during the expansion of the company. He also worked on Plum, an investment savings application.
According to him, this marks an important new chapter for the American company and he is thrilled to be heading the team that will expand into this new market and offers what is already being offered overseas now to local clients.
Back in January, Robinhood was also able to get a New York’s BitLicense, one of the hardest licenses to obtain in the U.S. For a company that was launched back in February 2018, the results are impressive.
Recently, the company was able to raise a total of $323 million USD. The money was raised during a Series E funding round that happened a few months ago.