Just days after announcing a massive expansion of its Series F round, stocktrading platform Robinhood has scrapped its expansion in the UK.
While the company opened up a waitlist in November after acquiring a licence to operate in the UK from the Financial Conduct Authority, the US-based unicorn will reportedly put the brakes on the its global expansion to focus on its home market.
?A lot has changed in the world over the past few months, and weve made the difficult decision to postpone our U.K. launch indefinitely,a Robinhood spokesperson said in a statement. ?As a company, we are refocusing our efforts on strengthening our core business in the US.p>
?Although our global expansion plans are on hold for now, were committed to democratising finance for more people around the world. We look forward to the day when we can bring this mission to the UK.p>
The data on the people on the waitlist will be deleted and the UK website will be shut down soon, CNBC reported. The ten employees of the company in the UK will either be offered employment in the US team or be made redundant.
The news comes just days after the stocktrading startup extended its already massive Series F round with another $320m. Robinhood had originally closed the round at $280m in May this year.
Copyright ? 2020 FinTech Global