Robinhood launches in the UK
After a failed attempt back in 2020, US app-based neobroker Robinhood (NASDAQ:HOOD) has formally launched brokerage services in the United Kingdom. The company said that its expansion to the UK marks an important milestone in its journey to democratise finance around the globe and increase access to the markets for all.
The launch comes after Robinhood started posting for key positions in the UK a few months back, and after the company hired Freetrade EU head Jordan Sinclair as new UK CEO. Robinhood also noted in its Q3 results release a few weeks ago that expansion to the UK, and separately to continental Europe, were some its top priorities for late 2023 and into 2024.
Robinhood stated that it will grant access to its app on a rolling basis over the following weeks in the UK, reaching full availability in early 2024. UK residents can join the waitlist today and will be notified when they can sign-up for early access. After joining the waitlist, people will get a unique referral link to share with friends and family to move up the queue.
From Robinhood’s founding in 2013 to 2022, the US experienced a 27% increase in the average amount of financial assets each household holds in equities. During this same period, the UK experienced a less than 1% increase. Robinhood said that it sees an opportunity to spark a similar shift, just like it has in the US for its more than 23 million customers.
Vlad Tenev, CEO and Co-Founder of Robinhood said:
“Since we launched Robinhood a decade ago, it’s always been our vision to expand internationally. As a hub for innovation, global finance and top tech talent, the United Kingdom is an ideal place for us to launch our first international brokerage product. We look forward to continuing to engage with customers and policymakers as we expand our offerings in the UK.”
Minister for Investment Lord Johnson said:
“Our Global Investment Summit showed the world how we are rapidly becoming a Science & Tech Superpower and I’m therefore delighted that Robinhood have chosen the UK as its first international brokerage market. Financial services and FinTech are thriving in the UK, and are magnets for huge levels of investment and venture capital on to our shores which create jobs and spur innovation in our world leading tech sector.”
Jordan Sinclair, President of Robinhood UK added:
“For too long, UK investors have incurred high fees to invest in the US markets and earned low returns on their uninvested cash. We’re excited to give UK customers access to the Robinhood experience, remove unnecessary fees, and join our more than 23 million investors. Ahead of our general availability early next year, we’ll listen to feedback from customers and enhance the localised offering. This is just the beginning for Robinhood UK and our global ambitions.”