Robinhood Reveals Breakneck Growth, Legal Pitfalls in IPO Filing

Robinhood on Thursday set the stage for its hotly anticipated IPO as it revealed rapid growth in users of its trading app in a filing, while also flagging a swathe of investigations by prosecutors and regulators. The company, which raised $363 million in February, told the Securities and Exchange Commission that it now has 6.3 million users in the United States. The figure, which includes users of the company’s mobile app, robo-advisor app, and desktop browser app, would represent a 60 percent increase over the 4.5 million registered user figure at the start of the quarter. The growth marks a meteoric rise for a company that began as an all-electronic platform for investing in the early 2000s, before launching robo-advisors with Robinhood Crypto and Robinhood for Business. In an interview with CoinDesk, CEO and co-founder Vlad Tenev said that it has already built a community of nearly 20 million members. He said: “We’re a community, not just a platform for trading.” The company made it easier to invest in startups through its “mini-IPO” program, said Tenev. “Today, we do around $200 million worth of stock trades each month. And that’s through the platform, the desktop app and through the mobile app,” he said. Users, said Tenev, are trading an average of about $50,000 every month. Still, the company, which is now valued at $5 billion, is seeking to raise about $150 million in the offering, which could value the company as high as $6 billion. The prospectus revealed that the company is now in talks with several brokerages that will act as lead underwriters, with JP Morgan Securities and Morgan Stanley both reportedly planning to join Robinhood’s offering, according to the Wall Street Journal. 

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