Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
2 Years Later Robinhood Agrees to Acquire Crypto App Ziglu
CNBC Crypto-decoded | Ryan Brown | Apr 19, 2022
Robinhood said Tuesday it has agreed to buy Ziglu, a London-based fintech app that allows users to trade bitcoin and several other cryptocurrencies. The acquisition will help in its expansion plans in the U.K. and Europe, the company said.
The announcement comes nearly two years after Robinhood halted plans to launch in the U.K. At the time, the company said it was prioritizing its business at home over international expansion.
Shares of Robinhood climbed more than 5% Tuesday.
See: Robinhood’s Luster Stained Again With a Record $70 Million Fine
The deal could provide a crucial boost to growth prospects for Robinhood, whose performance has weakened since the GameStop trading frenzy last year.
Vlad Tenev, Robinhood’s CEO and co-founder, said the purchase of Ziglu “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,” Tenev said in a blog post.
Founded in 2018, Ziglu allows users to make payments, invest in a range of cryptocurrencies and earn interest on holdings of bitcoin and British pounds sterling.
The company has raised a total of £17.5 million ($22.8 million) to date, including £13.4 million from retail investors through the equity crowdfunding platform Seedrs. It was last valued at £85 million.
See: Wealthsimple exits UK market (for now) – Too many investment apps in the UK?
It is one of the few crypto concerns that has managed to register with the U.K.’s Financial Conduct Authority. Registration is a key requirement for digital asset firms looking to operate in the country.
The regulator recently extended a deadline for firms to make the cut after numerous companies withdrew their applications.
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View the original announcement on Robinhood's website --> here
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