The US-based zero fee trading company Robinhood, announced its plans to open new offices in London as a part of the UK expansion plan and in the latest blockchain news we found out more about it.
Robinhood was launched back in 2013 and now it’s worth at $5.6 billion. The company has been working for a long time to launch its first London office with recruitment activities covering the hiring department, public relations, marketing, and customer support.
Robinhood’s expansion strategy into the UK makes the company a direct competitor with other similar startups that are already enjoying the support of the British traders. For example, the London-based Freetrade also offers ‘’fee-free’’ trades.
Another startup that is a competitor of Robinhood is Revoult, also a London-based startup that plans to offer Robinhood a free of commission trading for its customers via its banking app. Both of these companies have a long history together.
Just last month, Robinhood launched a savings account for its American customers with a fee-free option that pays them 3 percent interest for every deposit made into the account. The company pointed out:
“Currently, traditional checking and savings accounts cost more for people who make less, are riddled with unfair and hidden fees, and earn you minimal returns on your savings. We believe you should earn more on your money, and shouldn’t be charged fees to access it.”
All of the accounts will come with a personalized debit card and can be used on more than 70,000 ATMs around the US.