Robinhood expands to UK and Europe via Ziglu acquisition
US based neobroker Robinhood, which had an earlier failed attempt at international expansion prior to its IPO last year, has set aggressive goals to start opening its crypto platform up to customers internationally.
And so, the company said that it is excited to announce that Robinhood signed a deal to acquire Ziglu, a London-based electronic money institution and cryptoasset firm, subject to regulatory approvals and other customary closing conditions.
No financial terms of the transaction were released.
With Ziglu, UK-based customers can buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money, even abroad, without fees. Like Robinhood, Ziglu believes that the new era of digital money brings a multitude of opportunities, and Ziglu exists to make those opportunities accessible to everyone. Robinhood said that the Ziglu team and technology will help it accelerate international expansion, both in the UK and across Europe.
Mark Hipperson, Founder and CEO of Ziglu said:
“Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together. As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers.”
Vlad Tenev, CEO and Co-Founder of Robinhood Markets added:
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts. Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
In the near term, nothing will change for current Ziglu customers. Longer term, Robinhood said that it will integrate Ziglu more fully into the company, bring the Robinhood brand overseas, and work to expand operations beyond the UK into Europe.