- Robinhood, the San Francisco brokerage known for offering commission-free stock trading, has unveiled a new web platform where users will be able to buy and sell stocks and use a suite of new investor tools. The company has amassed more than 3 million accounts, adding new accounts at a faster rate than ever before.
Robinhood, the brokerage known for its sleek mobile app for zero-commission stock trading, is unveiling a web platform.
The new web platform looks more like an e-commerce site, where users can comparison shop, cofounder Baiju Bhatt told Business Insider. Users can check, for instance, Apple’s stock and see how many people on Robinhood own it, what analysts think about the stock, as well as more technical information like earnings.
“We want to be comically, obsessively focused on what our costumers want in everything that we do,” Bhatt said. “When people are buying stocks, they are comparison shopping and they want an experience that’s built for that.”
As such, they built it to replicate the comparison-shopping experience on Amazon.
“We wanted to avoid information overload with way too much stuff going on,” Bhatt said.”That’s the problem with all the other brokerages.”
The company is catching up to its legacy rivals, reaching more than 3 million accounts. Etrade, by comparison, has 3.3 million. Bhatt declined to comment on profitability of the company.
In August, Bhatt told Business Insider the company would continue to roll out new features to meet the need of its users, who skew younger, to meet their needs as they mature as investors. Here’s Bhatt:
In time, as our users become more and more sophisticated, we will continue to add features that match them. But we hope to never lose sight of those first timers as well. Fundamentally, that should be the most important thing for financial-services companies. Making the entire industry something that serves the broader market, not just the people who make them a lot of money.
He told Business Insider there are more features in the works.