Robinhood has already changed how people trade stocks and who’s doing it. Now its sights are on the rest of the financial industry.
Shares of Robinhood Markets traded for the first time on the Nasdaq Thursday, following the highly anticipated initial offering by the company that’s drawn a new generation of investors into the market and forced the industry to stop charging fees for trading. Shares swung sharply through the day before ending with an 8.4% drop. But while the IPO is a milestone, it’s not a culmination, according to CEO Vlad Tenev.
In an interview with The Associated Press, Tenev said he wants Robinhood to be the only app that people use on their phones for money. That covers everything from depositing paychecks to paying bills to splitting payments with friends.