NEW YORK, July 29 ― Robinhood has said its mission is to “democratise finance for all,” and that stretches to its plan for the company's debut on public markets today.
Last night, the company said it raised US$1.9 billion in an initial public offering priced at US$38 per share, at the low end of the range in its prospectus. The company has pitched itself as a niche for underinvested “everyday people,” according to a prospectus that points to the need to serve “the next generation of investors,” who are younger and more diverse than earlier cohorts. Robinhood's median customer age is 31.
Robinhood's plan for growing further includes attracting more customers, providing additional financial services to customers as they add wealth and expanding internationally.Last month, shortly before the company filed papers to go public, it agreed to pay a US$70 million fine to settle charges from regulatory body FINRA that it harmed thousands of consumers through “false and misleading” communications and other lapses.
Gensler said such arrangements raise questions about conflicts of interest and also enable firms to trade consumer data. “How is their platform going to react and how is their client base going to react when there is a bear market and things are not so easy?” asked Briefing.com analyst Patrick O'Hare.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: malaymail - 🏆 1. / 86 Lire la suite »