Robinhood Markets Inc., or simply Robinhood, is a U.S.-based financial services company headquartered in Menlo Park, California. The company offers the Robinhood smartphone mobile app, which allows individuals to invest in publicly tradedcompanies and exchange-traded funds listed on U.S. stock exchanges without paying a commission. The company makes money from interest earned on customers’ cash balances and margin lending, and by selling order flow to high frequency trading firms.
After an April 2017 fundraising, Robinhood had a $1.3 billion valuation. The Wall Street Journal reported in 2018 that the company had closed another round of financing that valued the company at $5.6 billion.
As per reports, eToro will be working with Goldman Sachs for going public. The reported plan of IPO comes after the platform registered phenomenal growth in 2020.
Last week, the SEC accused Robinhood of providing misleading information to its customers, which failed to disclose the revenue source of the trading app.
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