Robinhood is opening a waiting list in the U.K. ahead of a full launch planned for next year.
"We're bringing the best of years of product development in theto U.K. customers," Wander Rutgers, president of Robinhood's U.K. business, told CNBC in an interview. "Users can sign up for early access starting on Wednesday. We will aim to launch the product by early 2020, so expect to see customers having it in their hands in Q1 of next year."
The U.K. is home to a flourishing fintech sector, with companies like Monzo, Revolut and Starling gaining traction over the last few years thanks to their app-based checking accounts that don't charge fees. Revolutit would start taking on the online brokerage space with its own zero-fee share trading service.
One factor that has led to the rising popularity of the so-called challenger banks has been their word-of-mouth approach to picking up users, where people start referring their friends and family to the financial upstarts' apps. Vlad Tenev, co-founder and co-CEO of Robinhood, called this tactic the "secret sauce" behind the group's growth in the U.S.
"I think ultimately we recognize the U.K is going to be a tough market," he told CNBC. "It's a challenging market, not just because of the competitive landscape, but also the customers have discerning tastes, they're quite sophisticated and there's a long history of financial products here."— which charges up to £11.95 per order — and upstart broker Freetrade. But Rutgers said he doesn't believe the U.K.
Once Robinhood rolls out its services in full, the company says it won't charge any foreign exchange fees — users will be able to convert pounds to dollars at the mid-market rate — and U.K. customers will be able to start investing with as little as £1. Customers will be able to trade over 3,500 U.S. stocks including
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