Since its launch in December 2014, over half a billion dollars has flowed through the Robin Hood stock trading app. Offering no-commission transactions and a much more accessible experience than traditional stock trading, the service has attracted a significant number of young first time investors. Following their high profile Series A in September last year, with cash from Snoop Dog and Jared Leto, they’ve just pulled together a $50M Series B led by New Enterprise Associates.
Where is the new cash going to go? International expansion, according to co-founder Vladimir Tenev. There’s certainly many of us around the world keeping an eye on the app, and it seems like Australia is next on Robin Hood’s agenda. The company is also keen to expand the service to Android, and double the headcount of its team of 30 in Palo Alto.
“We’re excited about doing a country by country rollout,” said Vladimir Tenev, co-founder of Robin Hood.
Collecting interest on customer account balances and premium services rather than transaction fees seems to follow a trend in FinTech, which is definitely a win for the consumer. Offering accessible, transparent and UX-focused alternatives allows FinTech startups like Robin Hood to scale to profitability whilst providing exceptional value.