Investment app Robinhood receives UK authorisation
The UK’s Financial Conduct Authority (FCA) has...
Financial services company Robinhood has announced the receipt of authorisation to operate in the UK.
The UK’s Financial Conduct Authority (FCA) has authorised Robinhood to act as a broker.
The news means that the company’s stock investment app will become available to customers in the UK. Robinhood offers commission-free investment in US stock markets, across stocks, ETFs, options and cryptocurrencies.
The company also announced the appointment of Wander Rutgers as President of Robinhood International. Rutgers will lead the UK business from a new London office.
In the company’s 7 August press release, Rutger said: “Today marks the beginning of a new chapter for Robinhood, and we’re excited to take the first important step towards bringing our investing platform to customers in the U.K. I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”
According to Crunchbase, Robinhood has raised $862mn from seven funding rounds. Its latest Series E funding round saw the company receive $323M, with Hong Kong’s DST Global leading.
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson