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Robinhood’s Latest Strategy Lures Big Money: Major Shift In Brokerage Landscape For Wealthier Clients?

Published by
Benzinga

Robinhood Markets, Inc. (NASDAQ: HOOD) said its net cumulative funded accounts at the end of November were 23.3 million, up approximately 20 thousand from October. Over the last 12 months, net deposits were $16.4 billion, translating to an annual growth rate of 23%, the company said in a release. Robinhood is witnessing a substantial inflow of wealthier clients from larger brokerages, following the implementation of its 1% match promotion on transferred accounts, per a news report by The Wall Street Journal. Also Read: Robinhood Debuts Crypto App In Europe With Free Commissions, Loyalty Progra…

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