Has meme-stock kid Robinhood finally come of age?

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Financial Times 14h ago

Has meme-stock kid Robinhood finally come of age? - Financial Times

Quick Summary:

But since 2022, its earnings have been bolstered by rising interest rates, which have helped it earn interest on its own deposits as well as boosting its cash sweep programme, where it collects fees from customers who earn interest on their unused funds.

Its founder Vlad Tenev has set ambitious goals for the broker’s expansion.“We expect to get to number one in options before 2027, number one in equities before 2029,” he said at the company’s first investor day in December.“This is just one piece of a much larger picture.

After shedding 80 per cent of its market capitalisation in the wake of its IPO, its shares have more than quadrupled over the past year, far outpacing rivals such as Interactive Brokers and Charles Schwab.