Robinhood Receives FCA Authorization to Operate as UK Broker

Robinhood, a commission-free investing app, announced on Wednesday that its subsidiary, Robinhood International, Ltd. has been granted authorization by the Financial Conduct Authority (FCA) to operate as a broker within the United Kingdom.

According to the FCA’s Register, the subsidiary was authorized on August 7, 2019, with the firm reference number 823590. The authorization will allow Robinhood to bring its investing platform to the UK, which is a critical step in its strategy, the statement released by the company said.

Leading the UK operations is Wander Rutgers, who has been appointed as the President of Robinhood International. In this role, he will oversee the company’s new London office, among other duties.

Prior to his current position, Wander was working at Plum Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term, a personal savings assistant. While here, he was in charge of the investing and savings product. During his career, he has also worked at TransferWise, where he also led product, compliance, and operations teams.

Commenting on the announcement, Wander Rutgers, President of Robinhood International said: “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 U.K. I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”

As of yet, Robinhood has not yet launched in the UK, as getting authorization was the first step to achieve this. At present, the company is building up its London team and is hiring across compliance, operations, user research, and marketing.

Robinhood brings in $323 million in latest Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term

Yesterday’s announcement follows on the heels of Robinhood closing its latest round of funding, bringing in $323 million at a $7.6 billion valuation. As Finance Magnates reported, this is up by $2 billion from its Series D valuation in 2018.

The investment was led by DST Global, the firm run by Russian billionaire Yuri Milner, and includes participation from new and existing investors such as Ribbit Capital, NEA, Sequoia and Thrive Capital.