Robinhood, the U.S.-based popular stock and crypto investing app, has received approval from the U.K. Financial Conduct Authority (FCA) to operate in the country.
Announcing the news on Wednesday, the firm said that its subsidiary, Robinhood International, Ltd., will operate as a broker in the U.K., following the approval. “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."
Robinhood has also appointed Wander Rutgers as president of Robinhood International, to lead the U.K. business and oversee its new London office. Wander has previously worked with savings app Plum and money transfer service TransferWise.
Robinhood’s U.K. expansion plans were first revealed in January of this year when the firm began “stealthily” recruiting for a London office.
The FCA approval follows a BitLicense Robinhood received from the New York Department of Financial Services (NYDFS) earlier this year, for operating in the state. The firm initially launched cryptocurrency trading in February 2018.
Robinhood reportedly raised $323 million in a Series E round recently, and was also looking to get publicly listed through an initial public offering (IPO) last year.