U.S. brokerage Robinhood Markets Inc. is bringing its popular trading app to Canadians after completing its acquisition of cryptocurrency company WonderFi Technologies Inc., a move that ramps up competition with fintechs for the country’s growing pool of self-directed investors.

The $250-million deal closed on Monday, more than a year after the two companies announced their plans. On May 20, the Canadian Investment Regulatory Organization approved the purchase of Toronto-based WonderFi, in which Robinhood is paying 36 cents per WonderFi share.

“Our goal is to become one of the top players in the space,” Johann Kerbrat, Robinhood’s senior vice-president and general manager of crypto, said in an exclusive interview. “We know that Canadians are actually excited about getting more and more into their finances.”

The acquisition marks the latest battle in the race for Canada’s expanding number of self-directed investors. As more Canadians, particularly younger investors, turn to mobile apps to trade stocks, ETFs and cryptocurrencies, competition has intensified among fintech companies looking to become their primary financial app. For Robinhood, the acquisition provides a shortcut into Canada and creates a new challenger to homegrown firms such as Wealthsimple Inc. and Questrade.