We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Tech Weekly: Robinhood aims for the UK

4 1 0

In this week’s episode, Lily discusses investment app Robinhood’s acquisition of FCA-approved and UK-based crypto startup Ziglu.

Charlie also discusses payments startup Super Payments’ $30m funding boost; and online pension provider PensionBee’s new listing on London’s top market.

Episode transcript (auto-generated)

Host 0:07 Hello and welcome to Tech Weekly, a podcast by City A.M. where we go through some of the most important news in tech, crypto, FinTech and beyond. We’ve got a shorter episode this week later, Charlie will go over the $30 million funding injection for payments startup Super Payments, and will take us through online pension provider PensionBee’s move on to London stock market. But first Lilly will give us the latest from the crypto world. Lily what’s been happening this week then?

Lily Russell-Jones 0:41 So the retail trading platform Robinhood is expanding into the UK and has agreed to buy Ziglu which is a UK based crypto startup, which runs a mobile banking app and a trading platform. We don’t know how much Robin Hood paid for the firm, but it was valued at 85 million in November last year when it raised 7 million in funding round. The deal marks Robin Hood second attempt to entering the UK market and insider from Robin Hood told me that degree could essentially become the firm’s UK arm if the deal gets approval from the FCA. So there’s still a bit tentative about whether that’s going to get full approval and go ahead. But Robinhood last tried to enter the UK in 2020, but abandoned the plans and said it would focus more on its core business in the US instead. So it seems like it’s finally ready for international expansion to start.

Host 1:28 And so what can UK customers expect from its expansion to the UK then?

Lily Russell-Jones 1:33 So Robinhood is a retail trading platform, which was made famous by the Gamestop incident in 2020. It removes fees to allow non professional traders to invest in stocks and shares. It got really big during the pandemic through the games, for instance, which showcased the ability of retail traders to become market players. But also because people were bored at home, they’ve been trading a lot more crypto has been a really key growth area for the platform. So looking at the final results from the last quarter of 2021 monthly active users topped 17 million, up from 11 million in 2020. And crypto revenues have jumped 304% year on year to 48 million in the final quarter. And they made 419 million in total across the year up from just 27 million in 2020. So a real kind of area of explosive growth. But then it’s like latest earnings presentation. The firm said it plans to launch a crypto wallet for users in the first quarter of the year. And aggressively expand its crypto offering internationally. So this is very much a sign that Robin Hood is doubling down........

© City A.M.

Get it on Google Play