Robinhood the US ‘Fintech’ Startup is Coming to Europe
US stock exchanging application Robinhood is searching for another territorial CEO, to lead and work their arranged UK/EU extension, as indicated by a job posting on their site.
Robinhood lets individuals purchase and sell US stocks for free through its application. It sidesteps conventional commission and fees for trading charged by brokers and uses technology to cut expenses to the absolute minimum.
It profits from the premium it gets on uninvested customer stocks it holds. It is also planning to offer a paid-for premium app.
The Palo Alto-based startup, established by two Stanford graduates in 2013, is one of the most sweltering fintech — financial technology — startups in the US. The application dispatched to people in general last March and crossed $1 billion (£680 million) worth of exchanges on the stage after only five months.
Robinhood has raised $66 million (£44.7 million) from financial specialists including Europe’s Index Ventures, Google Ventures, and Silicon Valley fund Andreessen Horowitz.
Jan Hammer, an accomplice at Index Ventures who drove the Robinhood investment, told BI over email: “From the time of our Seed investment in 2013, Robinhood has continued to impress us with the quality of their product and the pace of growth.
“They’ve not just made trading simpler, mobile and free, but by doing so, they’ve opened up stock trading to a generation of Millennials who have largely stayed clear of the stock market.”
The job posting on Robinhood’s site says the organization is enrolling a chief compliance officer in the UK, who might work out of another London office. Be that as it may, the posting clarifies that whoever plays the part would adequately be “a Chief Executive” driving the expansion over the UK and the European Union.
The startup will confront rivalry in Europe from iDealing, an online stockbroker that as of late dispatched without commission exchanging for European stocks. iDealing utilizes quite the same business model as Robinhood.
Robinhood has not formally declared arrangements to enter the UK or Europe. Last May it reported arrangements to enter Australia; however, it doesn’t seem to have dispatched there yet. The organization is as yet looking for a CEO to lead its Australian operations.