On July 29, Robinhood Markets, which democratised investing by pioneering commission-free trading for stocks, ETFs, options and cryptocurrencies as well as trading of fractional shares, will list on Nasdaq at a valuation of over US$35 billion ($47.61 billion). It will be the second biggest listing of a FinTech firm following cryptocurrency exchange Coinbase’s US$51 billion IPO earlier this year. Last November, China’s Ant Group, the giant FinTech affiliate of Alibaba Group Holding, which was seeking to list at a valuation of US$313 billion, had its IPO pulled just 36 hours before trading of its shares could begin in Hong Kong and Shanghai.

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