8.6 C
New York
Saturday, April 17, 2021
Home Fintechs Robinhood just made $60 million, triple what it made in March 2019

Robinhood just made $60 million, triple what it made in March 2019

In recent months, coronavirus-linked market volatility has sent trading volumes on apps like Robinhood or Stake.

Australian trading app Stake that has launched in the UK and New Zealand – has informed that since the start of March, it has seen more than $250 million traded through its platform. The March volumes increased by nine times from what they were in December.

With these apparent successes in March trading apps Robinhood and Trade Republic have both raised very large funding rounds.

Stake’s customers are investing more money per trade too, with the average trade size made through the app doubling in recent months. “It shows a level of conviction from our customers,” says Stake’s co-founder and chief operating officer (COO) Dan Silver.

Robinhood’s roughly $250 million led by Sequoia Capital is yet to close, but Trade Republic sealed its $67 million Series B round last week which was co-led by Accel and Founders Fund.

Read also: World Fintech Report 2020 – Banks have to transform into “Inventive banks”

Upon announcing its $67 million investment, Trade Republic said it was set to release a series of saving features in the coming months. “We see saving as our biggest growth path in the years to come,” CEO Christian Hecker told TechCrunch last week.

According to a Bank of America report cited by the Financial Times, the dispersion in macroeconomic estimates by analysts is at its greatest since at least the 1960s. In other words, no-one really knows what’s going to happen.

Therefore many fintech companies could do well reactionary nature of trading when markets are volatile. Yet later we will see old challenges coming back in place, magnified by the hurt to the economy caused by the virus.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

How are transfer apps building trust with their users?

For a few years now, consumer attitude towards finance and banking has been changing. A rapid rise in digital consumption has resulted in more technology and innovation than ever before, with total fintech investment in Europe skyrocketing to $58.1bn in 2019.*

Monzo partnered with RAC to enhance its premium options

Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020 and now it extends their benefits.

Revolut adds 11 new crypto tokens

Revolut announced this Thursday that 11 more crypto-tokens were added to the option for users to buy and sell.

Starling Bank and Funding Options join to support SME’s

Starling Bank and Funding Options decided to join forces and help SME's with their recovery in 2021.