Robinhood, the U.S.-based inventory buying and selling app, is suspending its U.Ok. launch “indefinitely,” greater than a 12 months and a half after the corporate begun executing on plans to cross the pond. It now intends to refocus its efforts on its residence market.
In November final 12 months, a U.Ok. waitlist was opened up, garnering 250,000 signups. That’s now in useless, with Robinhood shutting down the U.Ok. web site and promising to delete buyer e-mail addresses in step with native privateness regulation. Prospective clients who registered have been knowledgeable of the choice earlier this morning.
Commenting on the u-turn, a Robinhood spokesperson issued TechCrunch with the next assertion:
“Rather a lot has modified on the planet over the previous few months, and we’ve made the troublesome determination to postpone our UK launch indefinitely. As an organization, we’re refocusing our efforts on strengthening our core enterprise within the US. We know many individuals within the UK have been excited to take a position by Robinhood, and we remorse that we can not ship our product to UK clients in 2020. Although our international enlargement plans are on maintain for now, we’re dedicated to democratising finance for extra folks around the globe. We look ahead to the day after we can convey this mission to the UK.”
I additionally perceive that Robinhood plans to switch a variety of U.Ok. workers to core U.S. staff initiatives the place doable and says it’s going to assist others to assist transition into new jobs. A core staff will stay at Robinhood U.Ok. in the intervening time.
Meanwhile, Robinhood’s withdrawal from the U.Ok. is probably going excellent news for U.Ok. upstart rivals. They embrace Freetrade, Bux and Revolut. As Yahoo News notes, it additionally comes amid a spew of unhealthy publicity for the inventory buying and selling app, after the the reported suicide of 20-year-old American Alex Kearns, who mistakingly believed he had run up debt of just about $750,000 buying and selling complicated choices on Robinhood.