Robinhood Markets co-founder Baiju Bhatt resigns amid UK expansion
Baiju Bhatt, co-founder and chief creative officer of Silicon Valley fintech powerhouse, Robinhood Markets, announced his resignation from the company yesterday (March 21). With over a decade of service to the firm, Bhatt was instrumental in crafting its user-friendly interface and promoting commission-free trading on the platform. His departure coincides with Robinhood's ongoing expansion into the UK market.
Robinhood expands product range in response to reduced trading activity
Reacting to a slump in trading activity after a pandemic-fueled surge, Robinhood has broadened its product range. The company has rolled out new offerings including retirement accounts, credit cards, cryptocurrency options, and cash accounts. This strategic move follows a significant increase in revenue for Robinhood during the pandemic due to heightened interest in meme stocks.
Robinhood eyes UK market with over 6,000 US-listed stocks
In its bid to penetrate the UK market, Robinhood is providing access to over 6,000 US-listed stocks for British customers through its app. This strategy is designed to tap into the rising interest in domestic equities. "There's increasing discussions and momentum around increasing market participation," stated Jordan Sinclair, President of Robinhood UK.
Robinhood rolls out appealing features for UK customers
UK customers of Robinhood will enjoy several enticing features such as 5% interest on uninvested cash, trading beyond regular market hours, zero trading commission, and no foreign exchange fees on trades. The company has also initiated rewards and referral schemes for its UK clientele. However, plans to introduce margin investing in the UK are currently paused while discussions with regulators are ongoing.
