Thursday 8 August 2019 11:39 am

Fintech giant Robinhood to launch commission-free stock trading service in UK

Commission-free stock trading giant Robinhood is bringing its fintech platform to the UK after receiving the go-ahead from the UK’s financial regulator, it said today.

The US startup, which is valued in the billions of dollars, will have to contend with rivals Revolut, Freetrade and Etoro in the UK space after the Financial Conduct Authority greenlit its platform.

Robinhood has hired Transferwise veteran and ex-Plum investment head Wander Rutgers to lead its London office and UK business.

“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 UK,” Rutgers said.

“I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”

The firm is now hiring to fill out roles spanning compliance, user research, marketing and operations.

Robinhood was founded in 2013 as a cheaper method of buying and selling US stocks and shares. Now the business is worth $7.6bn.

No UK launch date is yet confirmed, but Robinhood’s introduction in the UK will follow hot on the heels of Revolut’s own fee-free trading service.

The digital bank launched its Nasdaq trading service earlier this month to rival London startup Freetrade and Etoro.

Main image credit: Getty