As part of its future activity planning, Robinhood focuses on developing new products and expanding its global presence by launching businesses in new markets.
Vlad Tenev, CEO and co-founder of the mentioned company said last Tuesday, February 13, during the quarterly report that the brand’s app, designed for stock trading and investing, is aimed at gaining market share for active traders. He also noted that in this case, another goal is to increase the share of wallets by deepening interaction with existing customers and continuing to scale activities at the global level.
Vlad Tenev says that over the past four years, Robinhood has managed to triple its customer base. Another significant result of the company over the mentioned period is an almost sevenfold increase in revenue. Mr. Tenev also noted that the firm has the opportunity to continue the positive dynamic, being at the current point in the process of its existence.
Robinhood continues to develop features for active traders to gain consumers in this category. The company’s press release, released on Tuesday, notes the desire to create features meant for professional traders. Robinhood also plans to add futures and index options to its functional consumer-oriented system.
Vlad Tenev says that the company has been taking a share of the trading market for some time and is winning a net inflow of assets from its main competitors. According to him, Robinhood intends to continue investing in the user experience on mobile devices, where the brand currently ranks first in terms of market share. Vlad Tenev also announced plans to expand the selection of tradable assets, in particular, through index options and futures, coming in 2024.
One of Robinhood’s solutions aimed at increasing the share of wallets was the addition of bitcoin exchange-traded funds (ETFs). The company added 11 bitcoin ETFs on January 11th. This action was taken on the first day when the specified bitcoins became available after approval by the Securities and Exchange Commission.
Robinhood also intends to continue to implement efforts aimed at expanding the scope of its activities at the global level. To achieve this goal, the company launched brokerage activities in the United Kingdom and began the history of its presence as a cryptocurrency brand in the financial market of the European Union. The firm intends to explore additional opportunities for growth on an international scale.
Vlad Tenev stated that Robinhood currently does not have tens of thousands of international customers. According to him, there is a request from consumers to expand the company’s product range. Vlad Tenev also stated that the firm is working to satisfy the mentioned request. Separately, he drew attention to the fact that the company is currently exploring expansion opportunities into more jurisdictions.
For the fourth quarter of 2023, Robinhood’s total net revenue was $471 million. This figure is 24% higher than the result for the same period in 2022. The company’s revenue from transactions in the last three months of last year amounted to $ 200 million. This indicator increased by 8% compared to the result for the fourth quarter of 2022.
As we have reported earlier, Robinhood Pulls Customers From Larger Brokers.
