According to a regulatory filing Robinhood’s second quarter revenue came in at $180 million, nearly double the $91 million it made in the first quarter; big trading firms pay Robinhood and other online brokerages for the right to execute their trades because it helps them earn profits by picking up pennies on each transaction; options provided by far the largest segment of trading revenue at $111 million; Robinhood’s growth is being driven by an overall increase in trading volumes across the industry as people have been sheltering in place; the company added three million funded accounts in the first four months of the year and their three most active trading days of all time came in June 2020. Forbes.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.