The Financial Conduct Authority (FCA) has given Menlo Park stock-trading FinTech company Robinhood a license to operate as a broker in Britain.
Wander Rutgers will lead the UK rollout as the new president of Robinhood International. “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,” he said. “I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”
The news comes after a few hectic months for Robinhood. The company achieved a massive $7.6bn valuation in July after raising $323m in a Series E funding round. Prior to the investment was finalized, it was speculated that the new round would push the company’s valuation past the $8bn mark.
Later in July, Robinhood revealed a potential cybersecurity risk for the company. It stated that it had left data – including customer passwords – in plaintext on internal servers. Although, it stated that this information showed no signs of having been misused.
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