Usually, job postings do not attract so much media attention as a particular one did today.
The Robinhood team shared a brief comment on the company’s expansion plans with LTP, "We look forward to welcoming a Compliance Officer to the team to spearhead our European expansion. We do not have a launch timeframe to share right now."
One of Silicon Valley’s hottest FinTech startups, Robinhood, is looking to fill a position of a regional CEO to "to lead and operate our planned UK/EU expansion," says the posting first noticed by BI. Even though the position is formally named Chief Compliance Officer, the description makes it clear Robinhood is looking for a regional chief executive. Last May Robinhood also announced plans to enter the Australian market. The job posting for the chief compliance officer is still on the website.
Built on Plaid infrastructure, Robinhood is a trading app that allows young investors to try out investing skills with as little as a few dollars. The company charges for the ability to buy stocks on “margin” or credit and also makes money by collecting interest on users’ cash balances. Robinhood was listed among the top US FinTech startups of 2015 and various other rankings.
Founded in 2013 by Vladimir Tenev and Baiju Prafulkumar Bhatt, Robinhood went live last March with 800,000 people who signed up for the wait list. In less than half a year, Robinhood transacted more than $1 billion through the platform. Moreover, last year Robinhood took third place in the Apple Design Award and was chosen by Google as one of the best apps in Google Play.
Along with tremendous transactions volume growth, Robinhood didn’t struggle to raise the necessary funds, and perhaps more. $66 million in total were raised by the company from notable investors like Index Ventures, Google Ventures, Andreessen Horowitz and others.
As Jan Hammer, a partner at Index Ventures, shared with BI, "From the time of our Seed investment in 2013, Robinhood has continued to impress us with the quality of their product and the pace of growth. They've not just made trading simpler, mobile and free, but by doing so, they've opened up stock trading to a generation of Millennials who have largely stayed clear of the stock market."
The European FinTech ecosystem is quite dense and competitive, as London is one of the world’s FinTech hubs along with New York and Silicon Valley. Robinhood seems to be looking to make London its European gateway, which has its own competitive trading platforms.
Some of the trading FinTech startups operating in London are social trading platform eToro, forex broker Darwinex, and, the one probably worth the most attention is an online stockbroker, iDealing. In December, the company launched commission-free trading for any stocks listed on the Dutch, French, or Belgian Euronext markets. Should Robinhood enter the European market, iDealing will be its closest competitor.