Robinhood stays dedicated to bringing commission-free investing to the UK

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Commission-free stock buying and selling app Robinhood has pushed returned its UK launch date after failing to meet its preliminary timeframe.

The tech massive instructed clients on its UK waitlist these days that it will now pass over its unique purpose of a launch in early 2020, however dedicated to turning into on hand earlier than the cease of this year.

“Our preliminary intention was once to launch in early 2020, and we’re sorry no longer to have met that. We’re working challenging in the back of the scenes to supply you get admission to as shortly as possible,” the company wrote in an email, considered via City A.M.

“Robinhood stays dedicated to bringing commission-free investing to the UK in 2020. We desire to be certain it’s the proper second for us to introduce Robinhood to you.”

The scaleup, which is primarily based in California and valued at $8.3bn, has greater than 13m users. It has gained favour with Wall Street and millennials alike, with the common person age of 31.

The coronavirus pandemic and ensuing inventory market volatility has proved fruitful for Robinhood, which stated it won a file 3m new clients in the first quarter of 2020 alone.

However its recognition has additionally led to the platform being beset by way of outages at essential buying and selling times. The tech company used to be hit by way of three outages in two weeks as markets boiled over in March, with one lasting as lengthy as 17 hours.

Robinhood raised a collection F funding spherical of $280m ultimate month to assist bolster its operations, led by using Silicon Valley stalwart Sequoia Capital. It additionally raked in $60m in income in March — three instances that of the month before, in accordance to Bloomberg.

In the UK the tech company in the main faces opposition from incumbent choices and fellow startups such as Freetrade, even though Robinhood dwarfs them in size.

Freetrade itself was once the issue of controversy beforehand this year, after a City A.M. investigation published it had constructed a popularity amongst its workforce for poisonous place of work culture.

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