- Popular US-based investment app, Robinhood, recently announced putting its expansion plans on hold.
- The app was supposed to arrive in the UK, but the last several months caused it to change its decision.
- The company now aims to refocus on its home market and ensure it is solid enough at its base.
Robinhood, a popular investment app that has been attracting users with its ease of use and a wide array of features made plans to expand and conquer new markets. One of the first new regions that the app was supposed to serve is the UK, and many in the country were looking forward to the opportunity.
In fact, they even signed up for the company’s waitlist, expecting that the launch would arrive shortly. Now, Robinhood’s new announcement put a stop to such ambitions, as the company decided to postpone the launch indefinitely.
According to the announcement, the launch was delayed due to the company’s desire to focus on strengthening its core business in the US. In other words, the Californian firm wants to focus more on its home market.
Its spokesperson noted that the decision was difficult to make, but that a lot has happened in the last several months, and that these events cannot be ignored.
Robinhood will still expand eventually
Of course, Robinhood is not dropping its plans to expand completely — it will still continue democratizing finance around the world. However, not until it is certain that its base is properly covered, and that it is ready to expand to new regions.
The company seems to believe that there is a lot of work to be done, which is why it also plans to pull its UK website. As for the waitlist, which was opened in November 2019, it will soon be closed, and the customers’ private data deleted from its systems.
As for its UK-based employees, there are currently 10 of them, most of which will be transferred to the US. The rest will, unfortunately, be let go.
