The US-based company said Tuesday that the UK debut of its product was postponed indefinitely and that all global expansion plans have been suspended.
“The world has changed a lot in the past few months and we are adapting,” Robinhood said in an email to those who had added their names to a waiting list. “At the company level, we have come to recognize that our efforts are better spent strengthening our core business in the US and making more investments in our founding systems.”
The company first announced that it would expand to the UK in November 2019. It initially said it would launch in the country in early 2020.
Robinhood has said it will work with lawmakers and announced plans to improve its user interface, particularly around options trading.
“We are personally devastated by this tragedy,” Vlad Tenev and Baiju Bhatt, co-CEOs of Robinhood, wrote in a blog post last month.
Still, he managed to attract significant investor interest. Earlier this month, Robinhood raised another $ 320 million, giving it a valuation of $ 8.6 billion.
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