The stock market, meanwhile, has recovered from its pandemic-lows and continues its decade-plus bull run.ĭuring the pandemic, Robinhood saw record growth along with the rest of the brokerage industry as new investors entered the market. Robinhood built a mobile stock-trading platform at seemingly the perfect time, with iPhones and Android devices becoming ubiquitous and making its sleek interface an attractive venue for a mobile-savvy generation. Robinhood - their third start-up - was named after the English folklore outlaw, who stole from the rich and gave to the poor, in a nod to the company's motto of "democratizing" markets.
The duo met at Stanford and went on to start an algorithmic trading company, and later a financial software company that worked with major banks. The app was started in 2013 by Tenev, now CEO, and Baiju Bhatt. Last week, the start-up said it will give amateur investors access to initial public offering shares. Robinhood may give people investing on the app early access. "We expect investors will be interested in this one including, the Robinhood account holders themselves," Smith added. With the exception of Coinbase, which has been caught up in the crypto trading following its debut, "most of these stocks have traded well year to date, despite a pullback in April and May," she said. Kathleen Smith, principal at IPO research and investing firm Renaissance Capital, said her firm has been comparing Robinhood to other brokerage firms such as Charles Schwab, Interactive Brokers and Tradeweb, as well as analogues such as Social Capital, Lemonade and Coinbase. Ahead of a public offering, the company has added top executives with experience from Google, Facebook, Amazon and the Securities and Exchange Commission.
Its IPO debut is expected to garner a valuation at least three-times that amount, sources told CNBC. Robinhood is valued at $11.7 billion, with its biggest backers including Sequoia Capital and Andreessen Horowitz, NEA, Kleiner Perkins and Google-parent Alphabet's venture capital arm, GV. Still, Robinhood is one of the fastest-growing fintech start-ups and has risen to become one of Silicon Valley's most valuable private unicorns - and it is this year's No. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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