Robinhood adds cash management features
The group selected an app and website based company called Robinhood. The company was formed by two students, roommates, and classmates at Stanford University. Baiju Bhatt and Vladimir Tenev graduated
Group selected an app and website based company called Robinhood
The group selected an app and website based company called Robinhood. The company was form by two students, roommates, and classmates at Stanford University. Baiju Bhatt and Vladimir Tenev graduated and moved briefly to New York state to create technology for hedge funds.
After witnessing trading companies on Wall Street upcharge day to day people to initiate every trade, the partners returned to California to build their dream. Robinhood was in April 2013 in Menlo Park, California. But the company offers job opportunities in more locations. Headquarters are still located in Menlo Park, CA this area is used to employ corporate employees.
Robinhood adds cash management features though its fees no longer set it apart
Robinhood’s claim to fame is that they do not charge commissions for stock, options, or cryptocurrency trading. Due to industry-wide changes, however, they’re no longer the only free game in town.
The firm’s target customer base is young people new to investing. They are draw to the app by advertising that leans heavily on words such as “free” and “democratization.”
By and large, this tactic has succeed, drawing in 10 million accounts held by an unknown number of customers. But what happens to them when they outgrow Robinhood’s meager research capabilities. Or get frustrate by outages during market surges?
We’ll look at Robinhood and how it stacks up to more established rivals now that its edge in price has all but evaporated. The firm is adding services, such as cash management and recurring investments, in an effort to attract new customers, and hang onto the ones who signed up during the pandemic.