Robinhood, the U.S. cryptocurrency startup, has received approval from the UK Financial Regulatory Authority (FCA). From now on, the company can deploy its popular US application in the country.
''Robinhood International, Ltd., a Robinhood subsidiary, has been authorized by the Financial Conduct Authority and is a critical step to achieve our mission of democratizing finance for all," the company said in an official press release.
The subsidiary will be led by former TransferWise CEO Wander Rutgers.
''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 announced.
Robinhood currently has over 6 million users, most of whom are young investors. In addition, the company recently announced it raised $ 323 million during the E-Series financing round, bringing its value to $ 7.6 billion.
In the UK, Robinhood may face fierce competition with Revolut, which recently launched a no-commission trading service that allows it to invest in popular US stocks.