Earlier this year, Robinhood outlined plans to make a renewed push for international expansion.
Robinhood hasn't had a very good year so far after a massive dip in retail trading
Photo Credit: Reuters
Robinhood, the popular US-based stocks and crypto trading app, has announced the signing of a deal to acquire British fintech app Ziglu, an electronic money institution that lets users buy and sell 11 different cryptocurrencies as well as make payments overseas. This happens to be Robinhood's second major push into the UK market after it abandoned a plan to expand into the market in July 2020. The push also arrives just two weeks after the company extended crypto wallet services to more than two million US customers.
"We've signed an agreement to join Robinhood and we couldn't be more excited," Ziglu told customers in a message as per The Block. "Ziglu and Robinhood share a common DNA, working to reduce the barriers to entry for a new generation of investors, and we're looking forward to pursuing that mission together."
The firm added that "[t]his agreement is subject to regulatory approval, so for now, nothing will change."
"As we look to expand internationally, we're excited to announce that we've signed a deal to acquire Ziglu Limited, a UK-based electronic money institution and crypto asset firm, subject to regulatory approvals and other customary closing conditions," Robinhood said in its own statement.
Robinhood says that in the near term, nothing will change for Ziglu customers but eventually it will integrate the UK outfit "more fully into Robinhood, bring the Robinhood brand overseas, and work to expand operations beyond the UK into Europe".
Vlad Tenev, CEO, Robinhood Markets, says: “Together with the Ziglu team, we'll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
It remains to be seen whether the latest move can help reverse Robinhood's downturn in which shares have lost 40 percent this year, and as the company faces a significant slowdown in trading activity from retail investors — both in stocks and cryptocurrencies.
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