According to a report by Techcrunch, Robinhood, the zero fee trading company based in the United States, is making plans to open an office in London and it has started recruiting to that effect.
Various sources in and within London’s FinTech market have confirmed that Robinhood, which was launched back in 2013 and is valued at $5.6 billion, has been working towards the launch of its London office, with recruitment activities covering departments such as hiring and recruitment, public relations, marketing, customer support, and others.
The startup is also looking at hiring executives for product and compliance positions, which is extremely wise for a company that plans to get multiple licenses from the UK’s financial watchdog, the Financial Conduct Authority (FCA).
Robinhood’s expansion into the United Kingdom puts them in direct competition with similar fintech startups that have won the hearts of British traders offering “fee-free” trades, same way Robinhood won the hearts of Americans. One of such firms is London-based Freetrade, which offers “fee-free” trades executed at the close of business each day, for instant execution of trades, the startup charges as low as £1 per trade.