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Robinhood joines Schwab and Square in offering fractional stock trading, and the CEO has indicated its users are chomping at the bit for the feature. The announcement was foreshadowed about a year ago, when Robinhood announced it had built its own clearing functionality and removed Apex as a key middleman.
Robinhood, last valued at $7.6 billion, now has 10 million accounts. The median age of users is 30, and more than half are first-time investors, Tenev said. Tenev co-founded Menlo Park, California-based Robinhood in 2013 with fellow CEO Baiju Bhatt. In early 2020, Robinhood will roll out features for dividend reinvestment and recurring investments, Tenev said. “I think if we can help other young people especially capture some of the magic of being an investor in the company, and actually feeling like you’re part of that company and the products, will lead to an overall healthier economy and a much better informed investing public,” Tenev said.
