Robinhood had 17.7 million monthly active users in the first three months of 2021, more than doubling in a yearRobinhood, the online trading platform linked to an upsurge in armchair investors during the pandemic, has taken its first step towards floating on the stock market.
The US company, under scrutiny after this year's trading frenzy which saw it curb the buying of shares in the struggling retailerRobinhood's filing with the Securities and Exchange Commission detailed for the first time how the market mania, which gripped amateur investors throughout lockdown, fuelled a four-fold jump in its revenue from January to March, and also how its quick expansion came at a cost.It reported a net loss of $1.
As such, as well as reporting rapid growth, the company has also had to declare a series of investigations by prosecutors and regulators.