B2C digital. Stock trading start-up Robinhood has acquired media company MarketSnacks which focusses on the information needs of millennials. The six-year-old, California-based Robinhood, which has a claimed user base of more than 6m and is said to be valued at $5bn, charges no fees to users but earns money from interest earned on customers’ cash balances, margin lending, and “order flow”. The firm was founded by Vladimir Tenev and Baiju Bhatt who had previously built trading platforms for financial institutions. MarketSnacks, which produces a newsletter and daily podcast focussing on light-hearted finance commentary, will now be re-branded respectively as Robinhood Snacks and Snacks Daily. The co-founders of MarketSnacks, Nick Martell and Jack Kramer, will stay with the company and told Fortune magazine: “Robinhood’s done an amazing job at breaking down barriers of financial services and financial products, but users still need good information to participate and be well-informed.” Terms were not disclosed. Robinhood is reportedly planning to IPO in 2019.
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Robinhood buys financial Snacks
