Sources have confirmed that Robinhood which was launched back in 2013 and is valued at $5.6 billion, has been working towards the launch of its London office, with recruitment activities going on. The recruitment will cover departments such as public relations, customer support, hiring and recruitment, marketing and others.
The trading company is also looking at hiring executives for product and compliance positions.
Robinhood’s expansion into the United Kingdom puts them in direct competition with similar fintech startups like Freetrade which have won the hearts of British traders offering ‘fee-free’ trades, same way Robinhood won the hearts of Americans.
Also Revolut, the London based startup, that recently announced plans to offer Robinhood commission-free trading to its customers via its banking app.
Last month, Robinhood launched a savings and checking account for its American customers, offering users a “fee-free, commitment-free and surprise-free” account that pays them 3 percent interest for every deposit made into the account.
The company at that time said:
“Currently, traditional checking and savings accounts cost more for people who make less, are riddled with unfair and hidden fees, and earn you minimal returns on your savings. We believe you should earn more on your money, and shouldn’t be charged fees to access it.”