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Trading startup Robinhood withdraws bank charter application

Trading startup Robinhood withdraws bank charter application

(Reuters) – Stock-trading startup Robinhood stated on Wednesday it was once retreating its bank charter application with the U.S Office of the Comptroller of the Currency.

The Menlo Park, California-based company is without doubt one of the a number of firms that purpose to compete with conventional monetary establishments via providing less expensive and extra person pleasant virtual products and services.

“Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone,” an organization spokesperson stated.

The corporate, which supplies commission-free inventory buying and selling via its app, has won recognition amongst younger customers and has been taking a look to enlarge the varieties of monetary products and services it provides.

In July, it raised $323 million in a investment spherical, valuing the startup at $7.6 billion.

Reporting via Abhishek Manikandan in Bengaluru

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