Cbinsights-罗比尼奥如何赚钱 How Robinhood Makes Money -2021.docxVIP

How Robinhood Makes Money  2021 How How Robinhood Makes Money 2 WHAT IS CB INSIGHTS? CB Insights helps the world’s leading companies make smarter technology decisions with data, not opinion. Our Technology Insights Platform provides companies with comprehensive data, expert insights and work management tools to drive growth and improve operations with technology. SIGN UP FOR A FREE TRIAL How Robinhood Makes Money PAGE 10 How Robinhood Makes Money PAGE 10 Table of Contents How Does Robinhood Work? 6 Pre-Robinhood: Rise of the free trading investment platform How trading on Robinhood works The competitive landscape How Robinhood Makes Money: Robinhood’s 17 Revenue Model And Cost Centers Payment for order flow Net interest revenue and Robinhood Gold Tertiary fintech products CAC vs. LTV Robinhood’s regulatory and legal challenges Conclusion 28 Robinhood has made investing accessible for even the most inexperienced first- time investors. But while it has attracted millions of users with its no-fee, gamified approach, critics argue that the company’s business model is not without risk. Almost overnight, Robinhood gave millions of first-time investors easy access to the stock markets by making trading simple and, perhaps more importantly, free. Since it launched in 2013, Robinhood has become one of the most popular and influential fintech apps in the world. Today, it boasts more than 18M funded users, up from just 500K in 2015. Targeting a $40B valuation ahead of its IPO, Robinhood makes much of its revenue from razor-thin margins on vast volumes of individual trades — a business model that is as lucrative as it is potentially precarious. Robinhood has been the subject of much attention over the past year, amid retail trading mania, a record $70M FINRA fine, continued congressional scrutiny, trading outages, and ramping customer service problems. At the same time, its recent S-1 filing also revealed that Robinhood turned a profit of $7.3M in 2020 am