Robinhood’s growth as an ultra low-cost way to invest has shaken up fintech. Fueled by hundreds of millions of external cash, the no-fee trading platform has forced domestic competitors to slash their fees, spawned international competition, and, in the eyes of some, helped propel the recent equities boom. The company’s success in driving growth has led to surging revenues. As The Block recently reported, some Robinhood filings (here and here) show that the company earned “nearly $100 million in fees for stock and options order flow” in Q1 2020. For…
