Robinhood to Launch in the UK with Crypto App Purchase Agreement Ziglu

A woman holds a smartphone with the Robinhood logo on the back.

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Robin Hood hero said on Tuesday it had agreed to buy Ziglu, a London-based fintech app that allows users to transact bitcoin and some other cryptocurrencies. The company says the acquisition will help Robinhood expand into the UK and Europe.

The announcement comes nearly two years after Robinhood halted plans to launch in the UK At the time, the company said it was prioritizing its home business over international expansion.

Shares of Robinhood rose more than 3% on Tuesday.

The deal could provide an important boost to Robinhood’s growth prospects. Its performance has weakened since last year’s GameStop deal craze.

Robinhood reported monthly active users fell in Q4 2021 — to 17.3 million from 18.9 million in the previous quarter — and said it expects Q1 2022 revenue below 340 million dollars, down 35% year-on-year. The company has lost about two-thirds of its market value since debut on Nasdaq last summer.

Vlad Tenev, Robinhood’s CEO and co-founder, said the company’s purchase of Ziglu “will help us accelerate our global expansion efforts.”

Tenev said in a blog post.

Terms of the acquisition were not disclosed. The deal is subject to regulatory approvals and other customary closing conditions, Robinhood said.

Founded in 2018, Ziglu allows users to make payments, invest in multiple cryptocurrencies, and earn interest from holding bitcoins and pounds.

The company has raised a total of £17.5 million ($22.8 million) to date, including £13.4 million from retail investors through its crowdfunding platform. Seedrs. It was last valued at £85 million.

It is one of the few crypto companies that has managed to register with the UK’s Financial Conduct Authority. Registration is a main request for digital asset companies that want to operate in the country.

Management agency recently extended the deadline for companies to make cuts after many withdrew their applications.

Mark Hipperson, CEO of Ziglu, was formerly co-founder of UK digital bank Starling. Ziglu and Robinhood “share a common set of goals,” he said.

“As part of Robinhood, we will strengthen Robinhood’s expansion across Europe and bring better access to cryptocurrency and its benefits to millions of other customers,” Hipperson said. .

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