Robinhood Snubs Sherwood Forest, Heads to LondonRobinhood Snubs Sherwood Forest, Heads to London
The Silicon Valley-based mobile trading app is setting up shop in the U.K. after receiving the green light from regulators.
Given its namesake, it is, perhaps, overdue that Robinhood, the popular mobile trading app that has raised almost $700 million in venture capital over the last year, is finally opening up operations in merry old England. While the timing of those operations getting underway has not been announced, the firm does appear to be hiring across the pond. We first reported on rumors of a possible move into the U.K. market back in January.
It has been reported by TechCrunch, however, that its offices will be nowhere near Sherwood Forest, instead seeking a more cosmopolitan locale in London. The publication also reported that Robinhood has hired Wander Rutgers, formerly of another U.K. fintech called Plum, to run its new operations.
As noted in the TC piece, Robinhood shares investors with what will be one of its U.K. competitors, Revolut; the two share Index and DST. The Robinhood operation will fall under a U.K. subsidiary called Robinhood International Ltd., which has been authorized by the U.K.’s regulator, the Financial Conduct Authority, to conduct business as a broker with some restrictions, including not being able to hold client money and being “limited to carry on regulated activities.”
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