Fintech breakout and stock trading app Robinhood appears to be taking its talents across the pond.
Sources within London’s fintech scene tell Techcrunch that the company is stealthily recruiting for a new U.K. office, hiring for roles such as recruitment, operations, marketing/PR and customer support.
The company’s reported recruiting for hires in compliance and product suggests that localization and local product-market fit are paramount, Techcrunch observes.
Compliance will be critical in securing appropriate licenses from U.K. regulator the FCA, though Bay Area-based Robinhood is not addressing rumors about its U.K. intentions.
Compliance will be critical in securing appropriate licenses from U.K. regulator the FCA, though Bay Area-based Robinhood is not addressing rumors about its U.K. intentions.
News of a possible expansion comes at a time in which London’s fintech sector is homing in on fee-free trading. The outlet reports that competitors would include London-based Freetrade, whose app lets users invest fee-free in U.K. stocks and ETFs, and will also add U.S. stocks.
Perhaps most interestingly, Robinhood would be head-to-head with Revolut, which announced plans to add commission-free trading to its banking app and is expected to add this product sometime early this year.
As Techcrunch notes, both fintech heavyweights share common investors and skyhigh valuations. With a 6 million strong user base and $539 billion banked from investors, Robinhood’s current valuation is $5.6 billion. Meanwhile, London-based Revolut has grown its user numbers to 3.5 million while raking in $340 million, raising its value to $1.7 billion during its most recent funding round.