The millennial-focused investment app Robinhood has decided to delay its launch in the UK as it faces pressure from US politicians after one of its clients committed suicide, The Guardian has learned.
In an email to people from the waiting list, Robinhood said it had to postpone the launch in UK "indefinitely" in order to respond to the pressure from the domestic market.
"We’re saddened to share that we’ve made the difficult decision to postpone our UK launch indefinitely," wrote Robinhood in the email.
The US-based investment app added it will close its waitlist and take down the UK website shortly. Robinhood says it has to adapt with the world that has changed a lot over the past several months.
"Although our global expansion plans are on hold for now, we will continue our work to democratize finance for all and we look forward to the day when we can bring this mission to the UK," the company added.
In August 2019, a division of Robinhood International, the company behind Robinhood's trading app, received a broker license from the Financial Conduct Authority (FCA) to offer UK users its services.
Earlier, iHodl reported that Robinhood attracted another $320 million at an $8,6 billion valuation.
The company succeeded to attract funds from several private equity companies including TSG Consumer Partners and IVP.
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