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Robinhood, an online retailer involved in the day-to-day sales and stock market, wants to raise $ 40bn or more in the first public offering, said people familiar with the idea, as the company announced its profitability on Thursday.
In a management report that first assessed financial performance, Robinhood said more than triple revenue reached $ 959m last year, starting at $ 278m in 2019, and its growth will continue beyond the first quarter of this year.
The platform has doubled the number of subscribers from 2021 to 31m, he said. Of these, 18m were paid at the end of the first quarter, up 151% from the end of 2020. It had revenue of $ 522m in the first three months of the year, an increase of 309% from the same period before the year.
The demonstration comes a day after US finance minister Finra paid the largest fine in all sales, a $ 70m fine that he said caused “significant and severe damage” to his customers. The failure also included technical difficulties on the platform at a critical juncture, Finra said.
Increased sales in “meme stock” such as GameStop forced the platform to suspend trading in other secure locations in January, disrupting business finances. Robinhood rushed to raise $ 3.5bn for investors at the time, a move that led to a $ 1.4bn loss for the quarter. It recorded a total of $ 7m for the entire year 2020.
Robinhood’s rapid growth was accompanied by a lightening of light, and Vlad Tenev, his co-founder, was summoned to testify before Congress at the January commercial border.
The sheriff reportedly received suppoenas related to the trade ban in January, and the state prosecutor gave a search warrant to find Tenev’s phone.
The company is being investigated by the California Attorney-General’s Office, the prospectus has revealed, and has set aside $ 15m to pay for its re-investigation of money laundering from the New York Department of Financial Services.
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