Robinhood officially cancels UK launch, months after first postponing it

By Aisling Finn on Tuesday 21 July 2020

Savings and Investment

The trading platform first announced plans to launch in the UK in November 2019 and first delayed them in April of this year.

Robinhood officially cancels UK launch, months after first postponing it
Image source: Co-founders and co-CEOs of Robinhood Baiju Bhatt and Vladimir Tenev/Robinhood.

Investment platform Robinhood has today announced that it has scrapped plans to launch in the UK. 

The move comes nearly four months after AltFi exclusively revealed that the US trading app was pushing back its UK launch, which was first announced in November 2019. 

In an email sent to customers, Robinhood revealed that it had “made the difficult decision to postpone [its] UK launch indefinitely.” 

Robinhood also noted that both its waitlist, which roughly 250,000 people had signed up to, and UK website would be removed imminently. 

The note continued: “The world has changed a lot over the past several months and we’re adapting with it.” 

“On a company level, we’ve come to recognise that our efforts are currently best spent on strengthening our core business in the US making further investments in our foundational system.” 

Earlier this year, Robinhood was rocked with scandal as it suffered an outage in March on a day that the US stock market surged $1.1 trillion.  

Some customers reportedly lost hundreds of thousands of dollars and three class-action lawsuits, in California, Illinois and Florida, were launched against the trading app. 

Earlier this month, it was also reported that a 20-year-old Robinhood trader, Alex Kearns, took his own life after he believed he had lost nearly $750,000. 

Despite the company’s ongoing turmoil, Robinhood has raised $600m so far this year and has seen its valuation jump to $8.6bn, making it one of the world’s most valuable fintechs. 

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