FNG has realized that widespread US app-based neobroker Robinhood (NASDAQ:HOOD) is planning to launch within the UK market within the coming months.
Robinhood is presently posting job listings for a number of key positions primarily based in London on platforms resembling LinkedIn (see above), in areas together with regulatory and operations. The corporate is outwardly additionally partaking in a concerted seek for a UK chief govt to run the enterprise.
The transfer comes simply days after Robinhood rival Public.com launched within the UK.
This truly marks a return of kinds for Robinhood to the UK. In 2019 the corporate had deliberate for the UK to change into Robinhood’s first beachhead exterior the US, and arrange Robinhood U.Okay. Ltd, which obtained FCA authorization in August 2019. Nonetheless COVID-19 occurred, and the corporate determined to cope with points that had cropped up in its US house market operation, ultimately deciding to cancel the UK launch in mid 2020.
Robinhood UK presently has only one listed Director, a Netherlands primarily based govt named Bert van Delft, who has been with Robinhood since earlier than its deliberate preliminary UK launch in 2019. He was beforehand Director Operations at Dutch banking platform supplier Ohpen, and labored for 10 years at Netherlands primarily based financial institution BinckBank, now owned by Saxo Financial institution.
Robinhood went public in mid 2021 at a share worth of $38 which soon-after soared to above $70. Nonetheless a mixture of weak outcomes and waning crypto (and meme inventory) insanity hit Robinhood inventory onerous, together with questions on the way in which Robinhood made cash by payment-for-order-flow (PFOF) preparations. Robinhood shares have traded in a reasonably tight vary round $10-12 for many of the previous two and a half years.
Nonetheless issues have begun to tick up at Robinhood currently. In Q1 2023 the corporate reported Revenues which beat avenue expectations, and the dealer noticed its first enhance in month-to-month energetic customers in two years. The corporate’s shares are up greater than 25% since Could, now sitting at $12.49.
Robinhood share worth, IPO to current. Supply: Google Finance.