Robinhood scraps UK launch

Fintech company Robinhood has indefinitely postponed the UK launch of its stock trading app, according to reports.

Baiju Bhatt co-founded Robinhood with Vlad Tenev in 2013; the company launched a waiting list for its UK product in November. (Steve Jennings/Getty Images)

The online brokerage platform operator reportedly told more than 250,000 UK customers on a waiting list that it's focusing instead on its core business in the US. Robinhood's decision comes despite receiving approval to operate from the UK's Financial Conduct Authority. It's believed that the expansion would have been the Menlo Park-based company's first outside the US.

A few months ago, Robinhood struggled with several platform outages. It also received criticism in June after a customer who reportedly believed he had lost $730,000 as a result of options trades committed suicide.

Last week, Robinhood extended its Series F by an extra $320 million, bumping its valuation to $8.6 billion. The company raised $600 million total for the round.

Source: Pitchbook