Through Wednesday, the trading app received about $1.1b in account transfers since Oct. 23, when it began offering a 1% match on transferred brokerage accounts, the company said. In the second and third quarters of this year, customers transferred about $350m and $375m, respectively, to Robinhood from other brokerages, according to company filings.
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Robinhood woos wealthier clients from bigger brokerages
"Many accounts coming to Robinhood through the promotion are much larger than the average Robinhood account. More than 150 account transfers topped $1m."
