Robinhood’s UK app is gaining users, but had only over half the estimated downloads of established rival Hargreaves Lansdown in February and March this year, new figures show.
Robinhood, a US online stock trading app, announced plans for its foray into the UK market late last year, looking to take on the likes of established rivals like Hargreaves Lansdown and newer entrants like Freetrade.
Its launch in the UK has been one of the big fintech launches in recent months, with observers keen to know how it fares in its third attempt to crack the UK market.
Robinhood, famed for bringing commission-free stock trading to the masses, became widely available in the UK on March 19 after rolling all its customers off its wafting list.
Figures show that between February 12 and March 28 this year, Robinhood had over 34,000 estimated UK downloads, compared to Hargreaves Lansdown’s nearly 59,000.
But the figures, supplied by Apptopia, show that Robinhood has put on a spurt in March, with 31,400 of the 34,000 estimated downloads between March 1 and March 28.
Hargreaves Lansdown had 48,000 downloads in March, according to figures supplied by Hargreaves Lansdown.
The Apptopia figures encompass Google Store and App Store downloads.
Other data shows that Robinhood debuted on the UK App Store rankings on February 12, ranking 249th among finance apps in the UK.
But it has since climbed the charts and on March 20 hit its peak, ranking 14th among finance apps in the UK, although it has since pulled back to be ranked 44th.
In March, Robinhood also cracked the top 200 ranked apps overall in the UK.
App Store figures factor in metrics such as ratings, reviews and downloads.
Apptopia uses an algorithm that combines publicly available metadata from the App Store and Google Play along with its proprietary device panel data to generate daily estimates of mobile app performance. These daily estimates include downloads.
Hargreaves Lansdown, founded in 1981, has grown into the UK’s largest DIY investment platform with 1.8 clients using it for everything from stock trading to pension planning and financial news.
Hargreaves Lansdown said around 600,000 clients log into its app every month.
Robinhood did not respond to a request for comment.
Lead image: Robinhood.
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