Robinhood CEO Vlad Tenev said the company wants to be more than a trading app, using products tied to stocks, cryptocurrencies, and prediction markets to bring users in before moving them into longer-term services such as retirement accounts, investment advice, banking, and wealth management. Tenev described active traders as the firm’s “engine room and foundation,” saying trading products help acquire customers while retirement-related offerings matter more for long-term growth. As of the end of the second quarter this year, Robinhood’s funded accounts rose 7% year over year to 28 million, while average revenue per user increased 24% from a year earlier. Tenev also said more than $100 trillion in intergenerational wealth transfer is expected globally over the coming decades, and Robinhood wants to expand with users as their assets grow by offering services including trusts, estate planning, private wealth management, and private banking.
Robinhood CEO Vlad Tenev said the company does not want to remain only a trading app. Instead, it plans to use trading products across stocks, cryptocurrencies, and prediction markets to attract users first, then gradually convert them into customers for longer-term services such as retirement accounts, investment advisory, banking, and wealth management.
Trading products remain the acquisition engine
Tenev said active traders are the company’s “engine room and foundation.” In his description, trading products serve as Robinhood’s customer acquisition channel, while businesses such as retirement accounts carry greater weight for the company’s long-term growth.
Funded accounts and per-user revenue both rose by the end of Q2
As of the end of the second quarter this year, Robinhood’s funded accounts were up 7% year over year to 28 million. Average revenue per user increased 24% from a year earlier.
Long-term focus extends to broader wealth services
Tenev also said more than $100 trillion in intergenerational wealth transfer will take place globally over the coming decades. Robinhood wants to expand its offering as users’ wealth grows, with services that include trusts, estate planning, private wealth management, and private banking.
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