PALO ALTO, Calif.--(BUSINESS WIRE)--Robinhood, a mobile-first financial services company, announced today it has selected Australia as the first international market to launch its commission-free stock trading app. Robinhood will soon begin the regulatory approval process and announce timing of the launch later this year. Australians may sign up for a waitlist and progress updates at robinhood.com.
Committed to making the markets accessible to everyone through its free iPhone app, Robinhood has introduced stock trading to a new generation of millennial investors by eliminating trading commissions and account minimums. Australians will be able to access U.S. listed stocks and ETFs without being charged per trade.
“Current investing services in Australia are costly for those who want to invest in U.S. listed companies and ETFs, with some companies charging up to AU$60 per trade,” said Vlad Tenev, co-founder of Robinhood.
Hundreds of thousands of people have joined Robinhood, with 25 percent of customers being first-time investors. The community has transacted over US$500 million through the platform since launching in the United States in December 2014. Robinhood’s iPhone and Apple Watch apps continue to top the Finance charts in the U.S. App Store, and the company has plans to release an Android app later this year.
“With an average age of 26 among our community members, Robinhood has been a game changer for empowering young people to explore the stock market and open their first investment account. We’re thrilled that Australians will have access to this new way to invest in the U.S. stock market,” said Baiju Bhatt, co-founder of Robinhood.
To fuel its expansion to Australia and other global markets, Robinhood also today announced a US$50 million round of funding led by New Enterprise Associates (NEA). Existing investors Index Ventures, Ribbit Capital, and Social Leverage joined the round, along with new investor Vaizra Investments, bringing the company’s total funding to date to US$66 million.
Robinhood is a mobile-first stock brokerage offering commission-free trading in all U.S. listed stocks and ETFs. Founded by three-time financial services entrepreneurs Vlad Tenev and Baiju Bhatt, Robinhood’s mission is to democratize access to the financial markets and inspire a new generation of investors. The company is headquartered in Palo Alto, California, and backed by top-tier venture firms including NEA, Index Ventures, Ribbit Capital, Social Leverage, Vaizra Investments, Google Ventures and Andreessen Horowitz. To learn more, visit www.robinhood.com or follow the company on Twitter @robinhoodapp.