Say good-bye to Brokerage Commission - Robinhood
Robinhood is a mobile only, online brokerage that is becoming well-known for ZERO ($0) commission fees. It was started a few years ago by two roommates who wanted to make investing accessible to everyone with the idea that a technology-driven brokerage could operate with significantly less overhead. Since then, it has become extremely popular especially among younger people who are hesitant to pay brokerage fees to entities such as Ameritrade, Scottrade, Charles Schwab, etc. Currently, Robinhood app has approximately 2 million users, and that user base is growing larger everyday.
Robinhood has raised over $176 million in venture capital funding, including receiving $3 million in seed capital from Google Ventures, Andreessen Horowitz, Social Leverage, adn Elefund. It raised an additional $13 million in Series A funding in September 2014, $50 million in Series B funding in May 2015, and $110 million at a $1.3 billion valuation led by Yuri Milner from DST Global in April 2017.
1/14/2017
Through Robinhood, customers are able to carry out stock transactions without paying any fee. The mobile app has seen rapid adoption. Its user base has grown from 1 million in October 2016 to over 2 million as of April, 2017. It is adding nearly 140,000 customer accounts each month and has more than 175,000 monthly active users on the iOS platform. With this rapid adoption, brokers including Ameritrade, Scottrade, E-Trade, etc. should be very nervous about losing revenues as this is becoming a game where commission is racing toward $0.
It's available on the web for me now. Register for a free stock: https://share.robinhood.com/tunaida