Key Insights
- Robinhood announces plans to expand operations into Canada, starting with Toronto office
- Company beginning hiring push in engineering, security and other areas
- Expansion part of Robinhood’s strategy to grow globally after UK and Australia launches
TORONTO (MarketsXplora) – U.S. retail brokerage Robinhood Markets Inc (HOOD.O) is setting up operations in Canada and hiring staff, embarking on the latest expansion push beyond its home turf.
Robinhood Canada said on Thursday it aims to build out teams in software engineering, security and other areas initially from a tech hub based in Toronto, Canada’s financial capital.
The move follows the company’s growth in the UK, where Robinhood launched in 2023, and in Australia, where a crypto offering debuted.
Robinhood did not give any firm timeline on launching trading platforms tailored for Canadians, but the hiring plans signal future aspirations there.
“This is part of our continued focus on expanding globally,” said a Robinhood spokeswoman. The company advertised dozens of open roles from software developers to analysts on LinkedIn.
Menlo Park, California-based Robinhood burst onto the financial technology scene by popularizing commission-free trading of stocks and exchange-traded funds via smartphones.
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Its incursion into cryptocurrencies has also shaken up the industry, though Robinhood’s revenue has yet to return to peak levels of early 2021 when retail punters rode the meme stocks frenzy.
Robinhood warned last month that revenue in the first quarter of 2023 would be lower than the same period a year earlier, as inflation and worries of a recession weigh on retail investors.
Shares of Robinhood are down roughly 77% since their August 2021 initial public offering.