Financial services company Robinhood is set to purchase London-based fintech app Ziglu as part of their expansion into Europe.
A blog post by Robinhood revealed that the trading platform had agreed to purchase Ziglu Limited subject to regulatory approvals and closing conditions. The UK-based crypto firm focuses on alternative banking and crypto trading, making it a sound acquisition for Robinhood to enter the crypto industry in Europe.
Vlad Tenev, CEO and Co-Founder of Robinhood Markets commented on the acquisition, noting:
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts. 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.”
The Founder and CEO of Ziglu, Mark Hipperson, added:
“Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together. As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers.”
Robinhood Markets announced the beta launch of its crypto wallets in January, which would allow users to send and receive crypto from Robinhood through a verified external wallet, and as of April 7, Robinhood officially released its cryptocurrency wallet for “all eligible waitlist members”- some 2 million users.
Robinhood stated that they had set “aggressive goals” for their international expansion, with Vlad Tenev, Robinhood’s CEO and co-founder, noting that the purchase of Ziglu “will help us accelerate our global expansion efforts”.
This comes two years after Robinhood paused their expansion into the UK, citing a commitment to building their home base rather than international expansion. The recent beta launch of their crypto wallets, alongside the acquisition of Ziglu is a confirmation of Robinhood’s move into the international scene.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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