RobinhoodOn Tuesday, it announced that Ziglu (a fintech app that lets people trade) has been acquired by the company. Ziglu is based in London. bitcoinMany other cryptocurrency. Robinhood will expand its operations in Europe and the U.K., according to the company.

This announcement is nearly two years since Robinhood announced it would not launch in the U.K.

Robinhood’s shares were more than 3% higher Tuesday.

Robinhood could see this deal as a significant boost in its growth prospects. It’s performance has weakenedThe GameStop trading frenzy has ended last year.

Robinhood reported a drop in monthly active users in the fourth quarter of 2021 — from 17.3 million to 18.9 million in the previous quarter —and said it expects first-quarter 2022 revenue of less than $340 million, down 35% from the same period a year ago. Since then, the company has seen a loss of approximately two-thirds its value. debuting on the Nasdaq last summer.

Robinhood CEO Vlad Tenev and co-founder said that the purchase of Ziglu would “help us accelerate global expansion efforts.”

Tenev, in a statement, said that they will work together with Ziglu to harness the best of both businesses, looking for new ways to break down the barriers and innovate for customers throughout the UK and Europe. blog post.

The terms of the acquisition have not been disclosed. Robinhood indicated that regulatory approvals are required for the transaction.

Ziglu was founded in 2018 and allows users to make payments and invest in various cryptocurrencies. Users can also earn interest on bitcoins and sterling pounds sterling.

The company has raised a total of £17.5 million ($22.8 million) to date, including £13.4 million from retail investors through the equity crowdfunding platform Seedrs. It was last valued at £85 million.

It’s one of very few crypto companies that have managed to register with UK Financial Conduct Authority. Registering is required key requirementDigital asset firms that wish to open an office in India.

The regulator recently extended a deadlineAfter many companies withdrew applications, it was necessary for the firms to be selected.

Ziglu’s CEO Mark Hipperson is a former co-founder at Starling digital bank in the UK. He said that Ziglu and Robinhood share “a common set of objectives.”

Hipperson explained that Robinhood will be a part of the project and help to accelerate Robinhood’s growth across Europe. He also stated that Robinhood would provide greater access to crypto for more people, and this could lead to a better experience for many customers.