FCA approves launch of Robinhood investing app in UK

Robinhood announced that the Financial Conduct Authority has approved the launch of its zero-fee stock trading app in Britain.

The California-based company said it had been building out a team in London led by former TransferWise executive Wander Rutgers. Wander has previously worked with savings app Plum and money transfer service TransferWise.

“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.,” Rutgers, Robinhood’s president of International, said in a statement.

“This authorization will enable us to bring our investing platform to customers in the U.K., and is a critical step to achieve our mission of democratizing finance for all,” he added.

Recently valued by investors at $7.6bn, the company claims to have 6.0m users in total.

Robinhood will face a crowded fintech market in the UK that has plenty of new retail banking challengers.