First introduced last year, Robinhood Legend is designed for active traders and is available at no added cost to anyone with a Robinhood account. After launching in the U.S., the FinTech announced Wednesday (May 28) it would now offer the platform to Great Britain.
“The goal is for Robinhood to be the number one platform for active investors globally,” Jordan Sinclair, president of Robinhood UK, said in a news release.
“Robinhood Legend gives UK investors the speed, precision, and customisation they need to stay ahead of the curve — with a platform that’s powerful, intuitive, beautifully designed, and free. It’s the new standard for modern trading in the UK, and still only the beginning of what we’re building here.”
Robinhood launched Legend in the U.S. last October as part of a wider slate of new products. The release notes that the UK now has more than 11 million residents investing on a desktop platform, with customers there “regularly” expressing interest in using Robinhood Legend in their daily trading.
“Our research indicates that trading from either a laptop or desktop computer is only slightly less common than trading on a mobile device in the UK,” the company said.
“Our data also revealed that only a third of desktop traders are content with their existing trading platform, with a lack of customisation and challenging navigation as the biggest pain points among those who aren’t.”
In addition to Legend, Robinhood also recently debuted a wealth management service aimed at its less wealthy clients. And in March, the company introduced Robinhood Banking, a banking platform featuring checking and savings accounts. And last year, Robinhood launched its own credit card, issued by Coastal Bank.
As PYMNTS wrote last month, Robinhood’s new product lineup is part of a movement by neobanks branching into investing and card rewards, and investment platforms entering the banking realm. It’s a trend, that report said, that “speaks volumes to the appeal of apps as digital front door to a continuum of financial activities.”
Research from PYMNTS Intelligence has found that 60% of millennials, 57% of Generation Z and 52% of Generation X primarily use mobile banking apps. In addition, 94% said they approved of their overall access to financial services, and 79% said new technologies have improved their banking access.
