Robinhood Markets Inc (NASDAQ:HOOD), the trading app aimed at retail investors, will be launching in the UK.
The group’s chief executive officer, Vlad Tenev, commended the UK government's initiatives to foster widespread investment.
He acknowledged the constructive collaboration with the Financial Conduct Authority (FCA) and expressed confidence in making the UK a leading location to invest.
Speaking at the government’s global investment conference, Tenev applauded Chancellor Jeremy Hunt's recent changes to broaden investment possibilities within ISAs and called the inclusion of fractional shares "super interesting".
Tenev said he could “tell there’s a commitment to make the UK the best place for capital formation”.
The platform is initially focused on enabling UK customers to trade US stocks but plans to incorporate London-listed shares soon as part of a wider expansion plan.
Robinhood's entry into the UK follows previous attempts, overcoming false starts and setbacks since 2020.
Despite its popularity, Robinhood has faced regulatory challenges, including a US$70 million penalty in 2021 for inflicting “widespread and significant harm”.