Robinhood Hires Freetrade’s Jordan Sinclair to Champion UK Launch

<p>Robinhood, the popular American stock trading app, has onboarded Jordan Sinclair, the former Managing Director of Europe at Freetrade, as its new UK Chief Executive Officer. It is also planning to launch its services in the UK by year-end. The appointment comes days after <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a>
reported that the ‘zero-fee’ trading pioneer was hiring for several UK roles.</p><p>Robinhood
Revives Push for
UK Debut</p><p>The UK
Financial Conduct Authority’s (FCA)
register shows that Sinclair, who is also a
former Barclays executive, was appointed as the trading firm’s Chief
Executive earlier this month. Sinclair brings over a decade of experience to the pinnacle position. </p><p>This marks Robinhood’s latest effort to gain entry into the UK trading
market after having <a href="https://www.financemagnates.com/cryptocurrency/news/commission-free-trading-app-robinhood-to-debut-in-the-uk/" target="_blank" rel="follow">first announced its plan</a> about three years ago. In early
2022, the stock trading and investment firm <a href="https://www.financemagnates.com/cryptocurrency/robinhood-signs-deal-to-acquire-uk-crypto-app-ziglu/" target="_blank" rel="follow">made a deal to
acquire Ziglu</a>, a
London-based cryptocurrency trading platform. The firm had hoped that the acquisition would help it accelerate its
international expansion, both in the UK and across Europe. </p><p>However,
in February, Robinhood <a href="https://www.financemagnates.com/executives/ziglus-founder-resigns-after-aquisition-deal-with-robinhood-fails/" target="_blank" rel="follow">terminated the
agreement</a> after it failed to reduce the
price of the acquisition by 57% from $170 million to $72.5 million. The trading
provider had cited market conditions for the measure. </p><p>Meanwhile,
Robinhood’s renewed plan to enter the UK market is timed as some US trading
platforms, such as <a href="https://www.financemagnates.com/forex/brokers/publiccom-expands-beyond-the-us-launches-in-the-uk/" target="_blank" rel="follow">Public.com</a> and <a href="https://www.financemagnates.com/forex/webull-enters-the-uk-after-launching-in-three-major-apac-jurisdictions/" target="_blank" rel="follow">Webull</a>, recently launched in the country. However, the decline in retail
trading activities among investors is currently a source of concern for the company. </p><p>In June,
Robinhood initiated its <a href="https://www.financemagnates.com/forex/robinhood-trims-workforce-again-as-retail-investor-activity-wanes/" target="_blank" rel="follow">third round of layoffs</a> within a year. Finance Magnates
reported that the trading provider had disclosed its plans to lay
off 7% of its workforce (approximately 150 people) in an internal memo. The action occurred as
the broker-dealer had <a href="https://www.financemagnates.com/forex/robinhoods-q1-loss-plunges-over-200-despite-growth-in-revenue/" target="_blank" rel="follow">reported $511 million
in net losses</a> during the
first quarter of the year, surpassing its quarterly revenue of $441 million.</p><p>On a positive note, earlier this month, Robinhood <a href="https://www.financemagnates.com/forex/robinhood-fights-drop-in-users-by-introducing-24-hour-market-trading-for-all/" target="_blank" rel="follow">introduced 24-hour
market trading</a> for all its
users. <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported that the move might be
targeted at improving trading activities among its retail investors.</p><p>DXtrade Has Teamed Up with Acuity; a Firm of Tickmill’s CEO Has Invested €3.5M; <a href="https://www.financemagnates.com/forex/news-nuggets-27-july-dxtrade-teams-up-with-acuity-firm-of-tickmills-ceo-invest-35m/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.