Robinhood has 18 million accounts with $80 billion in assets after rapid growth, IPO filing shows

robinhood accounts assets rapid growth
Middle East
  • Date: 01-Jul-2021
  • Source: CNBC
  • Sector: Economy
  • Country: Middle East
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Robinhood has 18 million accounts with $80 billion in assets after rapid growth, IPO filing shows

Robinhood Markets filed for one of the most anticipated initial public offerings of the year on Thursday, revealing rapid growth resulting in 18 million retail clients and $80 billion in customer assets. Unlike many recent IPOs, Robinhood was profitable last year, generating a net income of $7.45 million on net revenue of $959 million in 2020, versus a loss of $107 million on $278 million in 2019, according to Robinhood's S-1 filing with the Securities and Exchange Commission. However, the brokerage lost $1.4 billion in the first quarter of 2021 tied to losses related to January's GameStop trading mania. The company made $522 million in revenue in Q1, up 309% from the $128 million earned in the first quarter of 2020. The brokerage aims to raise $100 million in the public debut. Robinhood plans to trade under the symbol "HOOD" on the Nasdaq. In its prospectus, the company said it has grown its funded accounts, those which have bank accounts linked to them, to 18 million in March of this year from 7.2 million in 2020, an increase of 151%. Assets under custody have ballooned to roughly $80 billion from $19.2 billion last March. Monthly active users total about 17.7

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