What does Robinhood do?
Robinhood, is a commission free, mobile first stock brokerage. It is a new way of investing in the stock market. It began with the idea that a tech driven brokerage can operate with noticeably less overhead. This firm cuts out the commission which makes other brokerages expensive- hundreds of storefront locations and account management manually.
For self-directed individuals or the joint cash brokerage accounts can use the zero dollar commissions which are trade listed and OTC equity securities through mobile devices and web.
How much Robinhood was funded?
Robinhood raised $50M in Series B funding on May 7th, 2015 from the investors New Enterprise Associates, Index Ventures, Vaizra Investments, Ribbit Capital and Social Leverage.
- Undisclosed amount in Seed round on April 18, 2013 from Google Ventures
- $3M in Seed on December 1, 2013 from Google Ventures, QueensBridge Venture Partners, Susa Ventures, Rothenberg Ventures, Index Ventures and Andreessen Horowitz
- $13M in Series A funding on September 23, 2014 from Slow Ventures, Ribbit Capital, Nasir “Nas” Jones, Snoop Dogg, Jared Leto and Aaron Levie
What is next for Robinhood?
Robinhood will use the new funding to increase its team. The founders hope to double the company’s headcount from 30 employees by the end of 2015. They are also launching the Android app in later 2015.
It will start expanding to international markets, starting with Australia. Australians can access the US listed stocks and ETFs.
More about Robinhood
Robinhood was launched on January 1st, 2013 by Vladimir Tenev and Baiju Prafulkumar Bhatt. It has its headquarters in Palo Alto, California. It enables people mainly first time investors buy and sell stocks without being charged commission fees, which is usually $7-$10. Unlike the regular trading, this is a mobile first. It cuts out on the cost of paying the human traders.