Robinhood Markets Inc., a free-trading platform that has upended how some retail brokerages charge clients commission rates for trading, is preparing to go public, TechCrunch reported.
Speaking at an industry conference, co-CEO Baiju Bhatt said his company is searching for a CFO and is on the path to go public. Led by Bhatt and co-CEO Vlad Tenev, the Silicon Valley-based startup was founded in 2013. It was valued at $5.6 billion in May 2018 when the Series D raise was completed, up from just $1.3 billion in April 2017 following the Series C fundraising.
With 5 million customers, Robinhood is challenging some of the biggest names in the industry, including Charles Schwab Corp., E*TRADE Financial Corp. and TD Ameritrade Holding Corp.