The commission-free stock trading app confirmed plans to go public, and intends to hire a CFO in the process. Despite its increased market share, Robinhood is still burning cash.
In the past couple of years, Robinhood has grown from a quixotic idea—no fees to trade stocks—to one of the more intruiging startups in the fintech space. Robinhood raised $110 million at a $1.3 billion valuation in April 2017. It’s now valued at $5.6 billion. But Robinhood, like many tech startups planning to go public these days, is still losing money. And it’s branching out into areas like stock options and cryptocurrencies that will incur losses as Robinhood pushes for market share. “We don’t intend to make very much money on it at all for the foreseeable future,” Robinhood co-founder Vlad Tenev told Fortune in June.