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Robinhood Launches … UK Waiting List – TechCrunch

It's been one year since TechCrunch broke the news that Robinhood had been pushing hard for a London office ahead of plans to expand the UK. a party has announced that it has received regulatory approval to operate that side of the pond, signaling that the launch of the UK is indeed forthcoming. Well, now the wait is almost almost finished, with the release of the waiting list for Robinhood UK.

On Tuesday, a classic briefing on the bait and switch of PR – as Robinhood unveiled its investment platform for UK clients, which a number of local journalists, including this one, signify to actually launch – co-founder and co-executive Vlad Tenev and President of Robinhood UK W Rutgers have revealed that Robinhood UK will open its doors early next year.

"We are very excited to announce that our waiting list for Robinhood UK will be live," Tenev said. "Customers will be able to sign up for early access to our free UK investment commission and this is very interesting for us because it will be our first international live market and a very important step in fulfilling our mission to democratize access to the financial system. "

" We expect the product to be in the hands of customers in the first quarter of next year, "Rutgers explained.

When it launches, Robinhood will initially offer what Rutgers has defined as" the best of Robinhood. "For O. One Kingdom, including, of course, "no commission" trading shares.

"It starts from our main platform: unlimited commissions release deals, no account minimums and access to a huge pool of stocks from both the US and around the world," he told TechCrunch. "Second, we will allow for an immediate deposit, instant trading, no foreign currency fees. Consumers can very easily fund from any UK back using a phone or debit card and download just as easily. ”

In addition, the Robinhood UK app will include trading assistance information, including videos from the Wall Street Journal, CNN and Reuters, along with features that help users track their investments, such as price signals, analyst estimates , profits, and the ability to collect earnings reports.

There will also be "Snacks," the daily Robinhood podcast and newsletter, and "Robin Hood Goals," a fintech premium subscription service for qualifying professional investors.

What is particularly interesting about the upcoming launch in the United Kingdom of Robinhood is that it will not be without direct competition. In the grant area, Freetrade was first out of the gate and has since been joined by Revolut and Bux.

However, controversially, despite the deep pockets of Robinhood, the rising tide can lift all boats into neo-broker space as these upgrades seek to expand the market by bringing in new, younger people to invest, and not just steal customers from current ones who charge higher fees.

"We have been very successful [in the U.S.] in attracting many types of clients," Tenev said. "You know, of course, that you have your first investor who has no brokerage account before and is opening to invest through the Robinhood product. you know, we think there are quite a lot of people in the UK. And then there are clients who invest a little more actively and know [with] the fees … I think we will be able to attract clients from that group as well. "

Meanwhile, an intriguing element of any Robinhood-Revolut comparison is that the two companies share order investors, namely Index and DST. Both companies also have incredibly high ratings.

"It's not something we spend a lot of time talking to our investors," Tenev said when asked if he was worried that Revolut was effectively a competitor before delivering

"We are certainly aware of our competitors and we believe that there are things we can learn from them, but overall, you know, we found that if our focus is on the customer and we really listen to them closely, we build products that customers love and .. that ultimately work very good. "

But how did Tenev react when he first heard that Revolut was launching a zero commission trade?

" I really don't remember the exact reaction I had, but you know for sure that competitors and people entering our space , they are nothing new to us, "said Robinhood's co-CEO.

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