Robinhood to acquire Ziglu

Robinhood has agreed to buy Ziglu, a London-based fintech app that allows users to trade bitcoin and several other cryptocurrencies. The acquisition will help in its expansion plans in the U.K. and Europe.

The deal could provide a crucial boost to growth prospects for Robinhood, whose performance has weakened since last year. Ziglu allows users to make payments, invest in a range of cryptocurrencies and earn interest on holdings of bitcoin and British pounds sterling.

Vlad Tenev, Robinhood’s CEO and Co-Founder, said the purchase of Ziglu “will help us accelerate our global expansion efforts.” He further added, “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”

Ziglu is one of the few crypto concerns that has managed to register with the U.K.’s Financial Conduct Authority. The company has raised a total of £17.5 million ($22.8 million) to date, including £13.4 million from retail investors.

Mark Hipperson, Ziglu’s CEO, was previously a Co-Founder of British digital bank Starling. Ziglu and Robinhood “share a common set of goals,” Mark said. “As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers,” he added.