Robinhood revives plans to launch in the UK with deal to buy crypto app Ziglu

Robinhood revives plans to launch in the UK with deal to buy crypto app Ziglu

Said Tuesday it has agreed to buy Ziglu, a London-based fintech app that lets users trade and several other cryptocurrencies. The acquisition will help Robinhood expand into 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 were up more than 3% Tuesday. The deal could provide a crucial boost to Robinhood's growth prospects. Its since the GameStop trading frenzy last year. Robinhood reported a drop in monthly active users in the fourth quarter of 2021 — to 17.3 million from 18.9 million in the previous quarter —and said it expects first-quarter 2022 revenue of less than $340 million, down 35% from the same period a year ago. The company has lost roughly two-thirds of its market value since last summer. Vlad Tenev, Robinhood's CEO and co-founder, said the company's 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