Robinhood has withdrawn its banking charter application
Robinhood, the US-based commission free stock trading platform has withdrawn its application with the Office of the Comptroller of the Currency (OCG) for bank charter, seven months after submitting the application in April.
A successful application would have allowed to fintech to move further into the banking space independently. The withdrawal was reportedly voluntary and Robinhood has no plans to resubmit its application.
In an email to multiple news outlets, the company said: “We are voluntarily withdrawing our OCC application for a national bank charter. Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone.”
“We appreciate the efforts and collaboration of all the parties we worked with throughout this process,” a spokesperson of Robinhood added.