What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-27 compared with 2023-02-27 · 235 added, 147 removed, 254 unchanged (60% of the section changed)

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We started with a revolutionary, bold brand and design in the Robinhood app which makes investing approachable for millions.

We pioneered commission-free stock trading with no account minimums, which the rest of the industry emulated, and we continue to build relationships with our customers by introducing new products that further expand access to the financial system.

We pioneered commission-free stock trading with no account minimums, which has since been adopted by the rest of the industry, and we continue to build relationships with our customers by introducing new products that further expand access to the financial system.

Through these efforts, we believe we have made investing culturally relevant and understandable, and that our platform is enabling our customers to become long-term investors and take greater control of their finances.

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Robinhood is a safety first company.

The reliability of our platform takes precedence over all else, so that we can be there for our customers when they need us the most.

We relentlessly protect our customers’ security and privacy, and we only share with our counterparties what they need to fulfill our customers’ financial needs, nothing more.

We build safeguards and provide education so that our customers are in the best position to succeed.

We have high-quality timely customer support, and when things aren’t right, we fix them.

We work closely with regulators and lawmakers to protect our customers and the broader financial system.

We speak simply, plainly, and truthfully, even if it’s not what others want to hear.

We hold ourselves and our colleagues to the highest ethical standards.

• Participation Is Power .

At Robinhood, the rich don’t get a better deal.

We founded Robinhood in the wake of the financial crisis because we identified a gap - the more you had, the better deal you got.

We aim to give everyone access to the financial system, regardless of their background or bank account balance.

That’s why we have no account minimums and a product that was designed from the ground up for small accounts.

We would rather serve many small customers over a few large ones.

We reflect the world around us, and we elevate and embrace all voices so everyone feels at home at Robinhood.

We create with care, make changes thoughtfully, and we obsess over details.

We don’t compromise regulatory requirements to move fast, and when we see something amiss, we move quickly to correct it.

We take risks responsibly with safety as the foundation of innovation.

• Radical Customer Focus .

We exist to make our customers happy.

From the early days of Robinhood, we have prioritized getting direct customer feedback on what we were building.

Talking to our customers forms the kernel of the product development process we have today.

We listen with empathy, ask questions, and critically evaluate our work by how valuable our customers find it.

We never stop asking how we can make our product better, and we never settle for ‘good enough’.

We listen to our colleagues, and we start from a place of believing they are capable and well-intentioned.

We delight our customers and take pride in our work.

Customers are at the center of our company.

We listen to them, design for their needs, and aim to make our user experience simple and intuitive.

We put what’s best for customers at the center of decision-making.

When there are customer pain points, we fix them quickly.

• Participation Is Power .

We empower a new generation of investors.

We seek to enable everyone to participate in the financial system and we deliver products to help them accomplish their long-term financial goals.

We educate and empower our customers and strive to make the financial industry more inclusive.

We were founded on the ideal that the rich shouldn’t get a better deal, so we treat people fairly and strive to deliver exceptional value.

• One Robinhood.

We’re all invested in the same mission.

We earn the trust of our colleagues by being honest, inclusive, and transparent.

We invite diverse perspectives, support each other, and engage in lively but kind debate in pursuit of our path forward.

When decisions are made we move in unison with an ownership mentality.

We hold ourselves accountable but never point the finger or evade responsibility, and we treat everyone with respect and grace.

• High Performance.

Our first instinct is to take action.

We strive for improvement and push for progress;

and when something is broken, we fix it.

We are driven by impact and constantly go after big opportunities.

We are making Robinhood a place people want to be by investing in our employees, leveraging diverse perspectives, and rewarding top performance.

• First-Principles Thinking .

We make bold bets and challenge the status quo.

Our foundation is in art, science, and pure mathematics, and we have a deep appreciation for the scientific process.

We develop hypotheses and design experiments to test them.

We reduce complex problems to their constituent bits.

We debate vigorously and change our minds when confronted with the right

We bravely do what’s right, even when it hasn’t been done before.

We treat our company like a product and aim to get better, every single day.

We are inventors, dreamers, and problem solvers.

We question assumptions and seek creative solutions rather than just following the crowd.

We use data and experiments to inform our decisions, but we also make bold bets, challenge the status quo, and are often a first mover.

And ultimately, we bravely do what’s right even when it’s scary and hasn’t been done before.

• Lean and Disciplined.

We do more with less.

We pursue operational excellence so that we can deliver exceptional value to customers.

We set ambitious goals, monitor progress, and regularly benchmark our performance to increase efficiency and effectiveness.

We are respectful of each other’s time, so when we change course we do so intentionally after weighing the tradeoffs.

Our Products And Features

We understand that millions of our customers have used Robinhood to enter the financial markets for the first time, and we take our responsibility to them seriously.

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• Investing .

Our platform allows our customers to invest commission-free in U.S.-listed stocks and exchange traded funds (“ETFs”), as well as related options and American Depository Receipts.

Our platform allows our customers to invest commission-free in U.S.-listed stocks and exchange traded funds (“ETFs”), as well as related options and American Depository Receipts (“ADR”).

We believe we have designed an elegant, intuitive investing interface that provides our customers with trading functionality and market information such as historical prices, valuation multiples, recent news, analyst ratings, and more.

We also launched advanced charts, which gives customers customizable, quick, simple and in-depth analysis right in the app.

• Options Trading.

We review eligibility for our customers who wish to trade options, including disclosure of investment experience and knowledge, investment objectives and financial information.

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• Access to Investing on Margin.

Subject to approval upon meeting eligibility criteria set by Robinhood, users can invest on margin.

This allows eligible customers to borrow a limited amount of funds from Robinhood at a floating interest rate, depending on account size and holdings, to

use as additional investing capital.

Subject to approval upon meeting eligibility criteria set by Robinhood, customers can invest on margin.

This allows eligible customers to borrow a limited amount of funds from Robinhood at a floating interest rate to use as additional investing capital.

Robinhood decides whether to extend margin to each customer who applies for access based on information regarding customer activity, portfolio equity or net worth criteria, investment objectives, and investing experience reported by the customer.

• Stock Lending.

A customer can earn passive income on their stock portfolio once they give Robinhood permission to lend out any fully paid stocks in their portfolio.

• Fully-Paid Securities Lending.

Under our Fully-Paid Securities Lending program (“Fully-Paid Securities Lending”), a customer can earn passive income on their stock portfolio once they give Robinhood permission to lend out any fully paid stocks in their portfolio.

Robinhood does the work of finding interested borrowers and customers get paid a share of the interest revenue earned when their shares have been loaned to borrowers.

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Cash deposited at these banks is eligible for Federal Deposit Insurance Corporation (“FDIC”) insurance.

• Instant Withdrawals .

Our instant withdrawals feature enables eligible customers to withdraw money from their Robinhood accounts and instantly deposit it to their bank accounts or debit cards with a fee.

Instant withdrawals are also available to customers of the Robinhood Cash Card and Spending Account (each described below).

• Robinhood Retirement.

We are making it easy and accessible to start saving for retirement through a traditional Individual Retirement Account (“IRA”) or Roth IRA and are expanding options for the growing population of freelance and gig workers without access to employer-based matching programs.

Customers’ eligible contributions to their retirement account can earn a percentage match by Robinhood (“Robinhood Retirement Match”), subject to a five-year holding period.

We offer customer IRA instant deposits up to $1,000, which allows customers to immediately start investing.

Customers can also get a custom recommended portfolio, build their own, or do both, all commission-free.

• 24 Hour Market .

We are the first U.S.

broker to offer around-the-clock trading of individual stocks, 24 hours a day, 5 days a week.

We also offer around-the-clock trading of ETFs.

It allows our customers to better manage their risk and take advantage of opportunities, no matter what time of day they arise.

• IPO Access and Directed Share Program .

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We also offer our Directed Share Program service that gives an issuing company the chance to set aside a certain amount of shares, at the IPO price, for a specific group of people, such as employees, valued customers, vendors, or others who have a relationship with the issuer.

• Instant Withdrawals .

Our instant withdrawals feature enables eligible customers to withdraw money from their Robinhood accounts and instantly deposit it to their bank accounts or debit cards (typically around 10 minutes but sometimes longer depending on customers’ banks) with a fee.

Instant withdrawals are also available to users of the Robinhood Cash Card and Spending Account.

Robinhood Crypto

We offer commission-free cryptocurrency trading using the same intuitive, mobile interface as our broader Brokerage platform.

United States

We offer commission-free cryptocurrency trading in the United States through Robinhood Crypto, LLC (“RHC”).

We have expanded our coverage to include every U.S.

state and the District of Columbia, except for Hawaii and Nevada.

We support trading in a select number of different cryptocurrencies and support real-time market data for significantly more cryptocurrencies.

We offer crypto recurring investments, allowing customers to automatically buy crypto, commission-free, on a schedule of their choice.

state and the District of Columbia, except for Hawaii.

We currently support trading in the following cryptocurrencies, where available (1) :

Aave (AAVE) Avalanche (AVAX)* Bitcoin (BTC)

Bitcoin Cash (BCH) Chainlink (LINK) Compound (COMP)*

Dogecoin (DOGE) Ethereum (ETH) Ethereum Classic (ETC)

Litecoin (LTC) Shiba Inu (SHIB)* Stellar Lumens (XLM)*

Tezos (XTZ)* Uniswap (UNI)* USD Stablecoin (USDC)**

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(1) Not all cryptocurrencies are available in every state.

A single asterisk indicates a cryptocurrency is not currently available for trading in New York.

A double asterisk indicates a cryptocurrency is not currently available for trading in New York or Texas.

We also offer crypto recurring investments, allowing customers to automatically buy crypto, commission-free, on a schedule of their choice.

This feature allows customers to build positions in their favorite cryptocurrencies over time.

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We never act as a counterparty to our users’ buy or sell transactions.

We also offer cryptocurrency transfers (“Crypto Transfers”), allowing customers to transfer cryptocurrency into and out of their Robinhood Crypto accounts without commission, with the exception of New York where our regulatory application for Crypto Transfers is still pending.

We also offer cryptocurrency transfers (“Crypto Transfers”), allowing customers to transfer cryptocurrency into and out of their RHC accounts without commission, where eligible.

Additionally, we provide real-time market data for certain cryptocurrencies, including those that are not supported on RHC’s platforms, for informational purposes only.

In 2023, we launched Robinhood Connect, a new avenue that allows customers to fund Web3 wallets without the need to leave decentralized applications, or dApps.

This avenue also benefits developers by being able to quickly embed the feature directly into their dApps, allowing their customers to use Robinhood Crypto to buy and transfer crypto, and fund their self-custody wallets.

European Union

As of December 2023, we also offer commission-free cryptocurrency trading in select jurisdictions within the European Union (the “EU”) through Robinhood Europe, UAB (“RHEC”) using a separate mobile application that is only available to eligible users in the EU.

Eligible users in select jurisdictions in the EU can currently buy, sell, and hold select cryptocurrencies through RHEC.

The list of cryptocurrencies supported by RHEC for eligible users in select jurisdictions in the EU is available on our website at https://robinhood.com/eu/en/support/articles/about-robinhood-crypto/ .

We hold all settled cryptocurrencies in custody on behalf of customers in two types of wallets:

(i) hot wallets, which are managed online, and (ii) cold wallets, which are managed entirely offline and require physical access controls.

We do not utilize third-party custodians for settled cryptocurrencies, but we do utilize technology from a third-party provider to manage some of our cryptocurrency, custody, transfer, and settlement operations.

In general, the overwhelming majority of cryptocurrency coins on our platform are held in cold storage, though some coins are held in hot wallets to support day-to-day operations.

do not hold cryptocurrency for our own account and, therefore, do not commingle cryptocurrencies with those of our users.

Robinhood Cash Card and Spending Account

Our Cash Card and Spending Account allows customers to spend with a prepaid spending card (“Robinhood Cash Card”) issued by a partner bank.

We offer a variety features, there are no monthly fees, no subscription fees, no in-network ATM fees, no overdraft fees, no transfer fees, and no account minimum fees.

Funds held in Robinhood Cash Card and spending account are eligible for FDIC insurance.

• Round-up Rewards .

Customers can round up their Robinhood Cash Card transactions to the next dollar, and set aside the spare change to invest in their choice of stock, ETF, or cryptocurrencies.

We then offer weekly bonuses to customers who opt in to round-up rewards based on their weekly round-up amount.

• Recurring Investments and Paycheck Early Access .

Once direct deposits are set up, customers can automatically invest part of every paycheck in their choice of stocks and cryptocurrencies.

They are also able to access and spend their paycheck up to two days early through the product.

• Robinhood Cash Card Offers .

Customers can also earn cash back automatically when they make purchases from participating merchants using their Robinhood Cash Card.

Building on our mission to democratize finance for all by putting money back into customers' pockets, this simple, efficient cash back rewards program requires no individual offer activation.

Other Products

(i) hot wallets, which are managed online, and (ii) cold wallets, which are managed entirely offline.

Our wallets store and transfer all the settled digital assets listed above using either private keys through hardware security modules or an architecture combining multi-party computation and hardware security to eliminate a single point of failure.

We do not utilize third-party custodians for settled cryptocurrencies, but we do integrate proprietary technology from a third-party industry-standard vendor into the systems we use to support the custody, transfer and settlement operations to our wallets.

In general, the overwhelming majority of cryptocurrency coins on our platform are held in cold storage, in facilities located in the United States with physical security systems that we believe are state-of-the-art, though some coins are held in hot wallets to support day-to-day operations.

We maintain custody of our customers’ cryptocurrencies in omnibus wallets on behalf and for the benefit of our customers.

Following the purchase of cryptocurrencies from liquidity providers, cryptocurrencies are delivered to the secure omnibus wallet, or in the case of a net sell, cryptocurrencies are moved from such wallet to the liquidity provider’s account.

We have implemented strict operational protocols and permissions for cryptocurrency movement with our internal operational team to restrict access to customer wallets, and tightly control the movement of cryptocurrencies.

More than one person is required to initiate and approve each large transfer, and only a small group of higher-level employees have the necessary privileges to add and authorize new addresses or to release proceeds from wallets.

Access to cryptocurrency transfer interfaces is strictly controlled and requires hardware two-factor authentication to log in.

To help ensure our security system functions as designed, our systems undergo security audits and are regularly subject to penetration testing.

We maintain a ledger of customers’ ownership and account balances of cryptocurrencies.

Additionally, the Company’s accounting and crypto operations team has established internal control procedures and maintains records to verify the total quantity of each cryptocurrency we custody for our customers that are held in the omnibus wallets.

Such controls are periodically tested by the Company’s internal financial compliance team.

With the exception of small amounts of cryptocurrency we purchase to support our business operations, we do not hold cryptocurrency for our own account and, therefore, do not commingle cryptocurrencies with those of our users.

We do not engage in lending transactions with cryptocurrencies held on behalf of customers.

We do not seek to profit from proprietary trading and only facilitate customer transactions.

In addition, we have anti-money laundering and insider trading programs intended in part to prevent self-dealing and other potential conflicts of interest, including with respect to our cryptocurrency services.

Robinhood Wallet

Separately from RHC and RHEC, Robinhood offers a self-custody, web3 wallet (the “Robinhood Wallet”) in over 150 countries through our Cayman Islands subsidiary, Robinhood Non-Custodial Ltd.

(“RHNC”), that allows customers to deposit and withdraw cryptocurrencies to and from their wallets.

Customers can store and manage cryptocurrencies on the Ethereum, Bitcoin, Dogecoin, Polygon, Arbitrum, Optimism and Base networks.

The Robinhood Wallet gives customers full control over their cryptocurrencies, which means they hold and maintain the private key to their assets, and does not collect any portion of network or “gas” fees imposed by the applicable network.

The Robinhood Wallet is a software application that users must access via a separate application.

Neither RHC nor RHEC custody any Robinhood Wallet assets.

Robinhood Gold

Our monthly subscription service grants subscribers access to a number of premium features.

After an initial 30-day free trial, subscribers pay a flat monthly rate.

Our subscription service grants subscribers access to a number of premium features.

After an initial 30-day free trial, subscribers pay a flat recurring rate.

Our premium features offered to Gold subscribers include:

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Subscribers can earn a higher interest rate on the cash swept to participating banks compared to users who do not subscribe to Gold.

• Higher Match on IRA Contribution.

Subscribers can earn a higher percentage match of 3% on eligible contributions compared to users who do not subscribe to Gold.

• Bigger Instant Deposits.

Subscribers can immediately access $5,000 to $50,000 of their deposit, depending on their brokerage account balance and status, instantly so they can invest that portion of their deposit right away.

• Access to Investing on Margin at More Competitive Interest Rate .

Subject to approval upon meeting eligibility criteria set by Robinhood, subscribers can invest on margin at a lower rate compared to users who do not subscribe to Gold.

• Access to Investing on Margin at a More Competitive Interest Rate .

Subscribers can invest on margin at a lower rate compared to users who do not subscribe to Gold.

No interest is charged on the first $1,000 in margin borrowed by each Robinhood Gold subscriber.

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The ability to see multiple buy and sell requests helps subscribers understand the availability or desire for a stock at a certain price.

• Robinhood Wallet .

A self-custody, web3 wallet that allows customers to deposit and withdraw cryptocurrencies to and from our platform with no network fees.

The Robinhood Wallet gives

customers full control over their cryptocurrencies, which means they hold and maintain the private key to their assets.

• Robinhood Retirement .

We offer two types of retirement accounts, a traditional individual retirement account (“IRA”) and a Roth IRA, and customers can earn a 1% match by Robinhood of customers’ eligible contributions to their retirement account, subject to a five-year holding period.

Contributions are subject to the annual IRA contribution limit set by the Internal Revenue Service (“IRS”), excluding Robinhood’s 1% match.

We offer customer IRA instant deposits up to $1,000, which allows customers to immediately start investing.

Customers can also get a custom recommended portfolio, build their own, or both, all commission-free.

Robinhood Credit Card

Our Robinhood Credit Card allows us to provide our customers access to credit.

The credit card program is funded under a program agreement (“Program Agreement”) between Robinhood Credit, Inc.

(“Robinhood Credit”) (formerly X1 Inc.) and Coastal Community Bank (“Coastal Bank”), a member of the FDIC.

There are no annual fees, no late fees, and no foreign transaction fees.

The credit card offers rewards on each purchase.

Robinhood Cash Card and Spending Account

Our Cash Card and Spending Account allows customers to spend with a prepaid spending card (“Robinhood Cash Card”) issued by Sutton Bank (“Sutton”).

We offer a variety of features, such as recurring investments, paycheck early access, and a cash back rewards program.

There are no monthly fees, no subscription fees, and no account minimum fees.

Funds held in Robinhood Cash Card and Spending Account are eligible for FDIC insurance.

We believe that offering educational resources is critical to advancing our mission.

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Its bite-sized news stories bring new investors the latest market-moving news without all of the complicated financial jargon.

Building on the success of Robinhood Snacks, we announced the formation of Sherwood Media, LLC, a new subsidiary that will be home for news and information about the markets, economics, business, technology, and the culture of money.

Building on the success of Robinhood Snacks, we formed Sherwood Media, LLC, a subsidiary that is the home for news and information about the markets, economics, business, technology, and the culture of money.

Throughout 2023, we offered a suite of new editorial offerings, complementing Robinhood Snacks with more always-on news updates and analysis, original reporting and new newsletter offerings.

• Crypto Learn and Earn .

Exclusive in-app educational module available to all Robinhood Crypto customers via Robinhood Learn to teach customers the basics about cryptocurrency.

Customers who complete the free courses will be eligible to receive rewards, which will be paid out in cryptocurrency.

Our exclusive in-app educational module available to all RHC and eligible RHEC customers via Robinhood Learn that educates customers on the basics about cryptocurrency.

Customers who complete these courses will be eligible to receive rewards, which will be paid out in cryptocurrency.

Our Technology

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• Experiments Infrastructure.

To enable our rapid product cycle, we’ve built a proprietary experiments infrastructure that enables us to test product changes through the build process and validate research hypotheses.

To enable our rapid product development cycle, we’ve built a proprietary experiments infrastructure that enables us to test product changes through the build process and validate research hypotheses.

The iterative, customer-centric product development approach that is so core to our success is enabled by this robust internal technology.

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This keeps us connected with customers and enables us to understand their expectations and the problems and opportunities they face financially.

During the fourth quarter of 2021, we launched 24/7 live phone support for all logged-in users, giving customers the ability to get phone support at any time and on any topic.

We are also the first major crypto platform to provide 24/7 phone support.

When we first launched 24/7 live phone support, we saw a significant increase in interest and activity on our platform, leading to slower customer support response times during high volume periods.

In response, we went directly to our customers to understand how we could best offer customer support that worked for them.

From that research, we streamlined the in-app phone support request process, introduced in-app chat support, and now service the majority of support requests via in-app chat support on a 24/7 basis.

We also extended the trading hours with trading now available from 7 a.m.

eastern time.

This is the first step toward offering 24/7 trading and was one of the top-requested features of Robinhood advanced customers.

In response to slower customer support response times during high volume periods, we also streamlined the in-app phone support request process and introduced 24/7 in-app chat support.

Our Growth Strategies

We aim to serve our customers with existing product offerings, grow with our customers over time as they build their wealth, and create new and innovative products that are relevant to new and existing customers.

Continue Adding New Customers to Our Platform

We are simplifying how people interact with financial products, allowing new customers from all walks of life and generations to participate in the financial system.

We have achieved our growth with relatively little investment in traditional sales and marketing efforts, although we have done substantial in-market testing to determine how to most efficiently utilize paid channels.

We plan to increase our brand marketing in the future and anticipate that our marketing efforts will drive higher brand awareness that can further accelerate our growth.

Our brand has faced challenges in recent years, including as a result of, among other things, the Early 2021 Trading Restrictions, the November 2021 Data Security Incident, the Q4 2022 Processing Error, and uncertainty related to the status of the Emergent Shares (each as defined below).

We have taken these concerns seriously and have prioritized developing responsive solutions, such as by maintaining a strong balance sheet and cash position to cushion ourselves against the potential for future increased collateral requirements and related market stress, amplifying our data security measures and enhancing data security training for employees, making necessary improvements to our corporate actions processing procedures, and pursuing the opportunity to purchase most or all of the Emergent Shares.

We are determined to keep evolving to better serve our customer base.

Growing with Our Customers

Winning the Active Trader Market

We are laser focused on being the top platform for traders who trade more actively and use more sophisticated products, and we track our progress here by Notional Trading Volume (as defined in Part II, Item 7 of this Annual Report, “Glossary Terms”) market share.

Our focus has been on systematically resolving issues that would lead an active trader to consider using another platform, with a particular emphasis on pricing, speed, and app usability.

In 2023, we launched several new features and products focused on delivering the top feature requests and addressing pain points from our active traders.

These features and products included 24 Hour Market, upgraded advanced charts, strategy builder, stock screeners, and streamlined equity trading flow.

We plan to keep investing in mobile where we are number one in the market today and to create a pro trader web experience that positions us to be the number one overall.

We also plan to continue to innovate for our active traders to drive an even better experience.

Increasing Wallet Share

Many of our customers are just beginning their financial journeys.

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We believe that these needs may come in a number of forms, from helping new investors grow into long-term investors to providing other financial services such as saving, spending, or facilitating payments.

The younger generation is poised to see its wealth expand in the coming years and participation in the markets will provide a critical opportunity as younger customers grow their assets and build financial security for themselves and their families.

We are committed to deepening strong relationships with our loyal customer base and earning our customers’ trust when they choose our platform on their financial journeys.

In 2022, we launched several new features and products focused on delivering the top feature requests and addressing pain points from more advanced customers, who trade more actively and use more sophisticated products like options.

These features and products included extended trading hours, advanced charts, Fully-Paid Securities Lending, and improved options offering, including introducing options in cash accounts.

We plan to continue to innovate for our advanced customers to drive an even better experience.

We are committed to deepening strong relationships with our customers and we are focused on increasing Robinhood Gold Memberships and Net Deposits (as defined in Part II, Item 7 of this Annual Report, “Key Performance Metrics”).

We plan to keep investing in our existing products and features such as Robinhood Gold, Robinhood Retirement, and deposit matches, while also launching new products like credit cards.

Expanding Internationally

We believe there is a significant opportunity for Robinhood to grow internationally.

The Robinhood Wallet is our first offering to customers internationally and is empowering customers around the world to custody their own crypto.

Additionally, we plan to be more aggressive in our international approach and intend to offer brokerage services in the U.K.

by the end of the year.

Over time, we intend to pursue a disciplined approach to international expansion and we will consider factors such as population size and demographics, legal and regulatory environments, and general investing attitudes in potential new markets prior to pursuing such expansion.

Our plans to pursue international expansion are uncertain and dependent on a variety of external factors, including, among other things, our obtaining required regulatory approvals, authorizations, licenses and consents, our obtaining and protecting intellectual property rights abroad, and the identification of and successful entry into new business partnerships with

third-party service providers that would be necessary to provide our products and services in the relevant local market.

Growth Through Acquisition

We have made a number of acquisitions to add specialized employees and complementary companies, products, or technologies that add synergies to our business.

For instance, in August 2021, we acquired A Say Inc.

and its subsidiaries ("Say Technologies").

Say Technologies built an innovative communication platform that makes it easier for investors to exercise their ownership rights.

We expect to continue to consider and evaluate acquisitions as part of our overall growth strategy.

The Robinhood Wallet was our first offering to customers internationally and is empowering customers around the world to custody their own crypto.

In December 2023, we launched the brokerage services in the United Kingdom on a rolling basis, and plan to reach full availability in the first half of 2024.

The United Kingdom customers have access to commission-free trading of U.S.-listed stocks and ADRs.

Additionally, we launched the Robinhood Crypto app to all eligible customers in select jurisdictions in the EU.

Over time, we intend to pursue a disciplined approach to international expansion and we will consider factors such as population size and demographics, legal and regulatory environments, and general investing attitudes and the competitive landscape in potential new markets prior to pursuing such expansion.

Our plans to pursue international expansion are dependent on a variety of external factors, including, among other things, our obtaining required regulatory approvals, authorizations, licenses and consents, our obtaining and protecting intellectual property rights abroad, and the identification of and successful entry into new business partnerships with third-party service providers that would be necessary to provide our products and services in the relevant local market.

We believe that we are changing the consumption patterns for financial products and services and growing the market, but will continue to face competition from other firms including large legacy financial institutions, large technology companies, and smaller, new financial technology entrants.

We believe that the key competitive factors in our market include:

• product features, quality and functionality;

• product innovation, including features, quality, and functionality;

• operating efficiency;

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For example, we seamlessly integrate information into our platform through Robinhood Learn and our newsfeed, which offers free news from trusted sources including Barron’s , Reuters, and Dow Jones .

In addition, we continue to work to deliver an intuitive product experience including

developing and implementing designs to celebrate investing milestones of our customers in a responsible way.

In addition, we continue to work to deliver an intuitive product experience including developing and implementing designs to celebrate investing milestones of our customers in a responsible way.

Our products are designed mobile-first, allowing us to offer attractive investing, spending, and saving experiences as more people shift their daily financial services activities to the palm of their hands.

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The relationship we have built with our customers has led many to want to talk about Robinhood and share their experience with their friends and family.

From Robinhood’s inception, a vast majority of our growth has come directly from customers joining our platform organically or through the Robinhood Referral Program.

The excitement around Robinhood demonstrates how our innovative approach to financial products has built deep, loyal customer relationships and positioned us well to continue attracting new people to our platform, and sharing new product experiences with our customers.

From Robinhood’s inception, a vast majority of our growth has come directly from customers joining our platform organically or through the Robinhood Referral Program (defined below).

Since 2023, we have increased our investment in paid marketing channels to continuously promote our brand, products, and services.

We believe the excitement around Robinhood demonstrates how our innovative approach to financial products has built deep, loyal customer relationships and positioned us well to continue attracting new people to our platform, and sharing new product experiences with our customers.

Financial Services at Internet Scale

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Our digitally-native technology stack also gives us control over our product development from end-to-end, enabling faster development times, better customer experiences, stronger unit economics, greater flexibility, and a robust and dynamic risk management framework.

Our vertically integrated platform has enabled us to rapidly introduce new products and services such as cryptocurrency trading, dividend reinvestment, fractional shares, recurring investments, IPO Access, instant withdrawals, Robinhood Cash Card, Robinhood Gold, and Robinhood Retirement, while also supporting our ability to quickly scale.

Our vertically integrated platform has enabled us to rapidly introduce new products and services such as 24 Hour Market, Robinhood Wallet and Robinhood Retirement while also supporting our ability to scale.

Our business can be subject to seasonal fluctuations due to such factors as retail interest in investing, overall number of market participants and trading volumes, varying numbers of trading days from quarter-to-quarter, declines in trading activity around holidays, and proxy and investor communications activity during proxy season.

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As of December 31, 2023, we had approximately 2,200 full-time employees.

We seek to foster a high performance culture that is open and honest.

We seek to foster a high-performance culture that elevates and embraces all voices.

During our weekly “all-hands” meetings, every employee has the opportunity to ask a question of our senior leadership.

To ensure we provide a rich experience for our employees, we conduct ongoing

employee surveys to build on the competencies that are important for our future success.

To ensure we provide a rich experience for our employees, we conduct ongoing employee surveys to build on the competencies that are important for our future success.

Our employee surveys are an important part of our culture and the results are an important part of how we make decisions about life at Robinhood.

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Talent Acquisition and Development

A critical foundation of our mission is building an inclusive environment that attracts and retains exceptional talent from diverse backgrounds and experiences.

A critical foundation of our mission is building an inclusive environment that attracts, develops and retains exceptional talent from diverse backgrounds and experiences.

We prioritize hiring great leaders with deep functional expertise, we set high standards for performance and we commit to their professional and technical development so we can grow together as we transform the future of finance.

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We also offer a variety of formal and informal development and skills-building opportunities to our managers.

For example, we launched a leadership development experience for all managers to support them in their growth and development as leaders at Robinhood.

For example, we have a leadership development experience for all managers to support them in their growth and development as leaders at Robinhood.

Inclusion, Equity, and Belonging (“IEB”)

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We have an IEB team dedicated to delivering on Robinhood’s commitment to create an inclusive environment.

In addition to offering more ways for our employees to self-identify different aspects of their identity, we also rolled out inclusive hiring training and managing unconscious bias foundations, implemented a diverse slate approach to hiring with select teams, and increased our community outreach efforts around financial inclusion for underrepresented communities.

As of December 31, 2022, 60% of our employees are members of at least one of our Robinhood Employee Resource Groups (“ERGs”) which are voluntary, identity or experience-based groups led by members and allies who join together to support the creation of an inclusive workplace.

In 2023, we integrated IEB education into the workflow for our leaders and people managers, incorporating mitigating bias and equity content into feedback loops, performance reviews, and promotions.

We attended and sponsored a number of conferences focused on recruiting talent from underrepresented groups and continued to expand our community outreach efforts around financial inclusion for underrepresented communities.

As of December 31, 2023, 60% of our employees are members of at least one of our Robinhood Employee Resource Groups (“ERGs”) which are voluntary, identity or experience-based groups led by members and allies who join together to foster a more inclusive workplace.

Each ERG is sponsored by members of our leadership team.

We utilize ERGs to create a welcoming environment for new employees by designating Robinhood Ambassadors, leaders within our ERGs who are available to candidates and new employees who want to learn more about working at Robinhood.

ERG members also have the opportunity to develop professionally, expand their networks, drive awareness around important social issues, and amplify the needs and voices of underrepresented groups.

Robinhood ERGs include:

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In addition to providing a supportive, safe space for employees, a number of Robinhood ERGs support specific business objectives that include recruiting, employee engagement, marketing, and more.

For example, our ERGs participate in various hiring events, including hosting panels on what it’s like to work at Robinhood and how to think about career development.

For example, our Women in Tech ERG hosted their annual Women in Tech conference, providing opportunities for career development and networking.

Employee Incentives and Benefits

We offer competitive compensation for employees and benefits for themselves and their families.

To help foster our high performance culture, all employees are eligible for variable incentive pay (bonus and/or equity) and all of our compensation programs are directly linked to either a) individual or b) individual and company performance.

Our flexible benefits are designed to attract the best talent and to ensure Robinhood employees are supported.

Our comprehensive benefits are designed to attract the best talent and to ensure Robinhood employees are supported.

Where applicable, eligibility also extends to domestic partners and their children;

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Our success and ability to compete are significantly dependent on our core technology and intellectual property.

We rely on trademarks, patents, copyrights, trade secrets, know-how and expertise, registered domain names, license agreements, intellectual property assignment agreements, confidentiality procedures and non-disclosure agreements to establish and protect our intellectual property and proprietary rights.

We rely on trademarks, patents, copyrights, trade secrets, know-how and expertise, registered domain names, intellectual property assignment agreements, confidentiality procedures, license agreements, and non-disclosure agreements to establish and protect our intellectual property and proprietary rights, although we do not consider any individual piece of our intellectual property to be material to our business, taken as a whole.

We seek to protect our intellectual property and proprietary rights, including our proprietary technology, software, know-how and brand, by relying on a combination of federal, state, and common law rights in the United States and other countries, as well as on contractual measures.

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It is our practice to enter into confidentiality, non-disclosure, and invention assignment agreements with our employees, consultants, contractors and other third parties, and into confidentiality and non-disclosure agreements with other third parties, in order to limit access to, and disclosure and use of, our confidential information, trade secrets, know-how, and proprietary technology.

We do not believe that our proprietary technology is dependent on any single or group of patent(s), trademark(s), copyright(s), domain name(s), license(s), assignment agreement(s), or any other form of intellectual property.

Though we rely in part upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees and the functionality and frequent enhancements to our solutions are larger contributors to our success in the marketplace.

Any of our intellectual property rights might be successfully challenged, opposed, diluted, misappropriated, or circumvented by others or invalidated, narrowed in scope or held unenforceable through administrative process or litigation in the United States or in non-U.S.

or in non-U.S.

jurisdictions.

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Our efforts to enforce our intellectual property rights might also be met with defenses, counterclaims, and counter-suits attacking the validity and enforceability of our intellectual property rights.

We have an ongoing trademark, copyright and service mark registration program pursuant to which we register our brand names and solution names, taglines, designs, and logos in the United States and certain other jurisdictions to the extent we determine appropriate and cost-effective.

We are the registered owners of a variety of U.S.

and international trademarks and domain names that include the primary brand “Robinhood,” including variations thereof, as well as brands for other Robinhood products and services, such as our Snacks newsletter and media content.

We have an ongoing trademark, service mark, and copyright registration program pursuant to which we register our brand names and solution names, taglines, designs, and logos in the United States and certain other jurisdictions to the extent we determine appropriate and cost-effective.

We are the registered owners of U.S.

and international trademarks, trademark applications, and registrations and domain names in the U.S.

and foreign countries that include the primary brand “Robinhood,” including variations thereof, as well as brands, tag lines, and other branding elements for other Robinhood products and services, such as our Snacks newsletter and media content.

We also have common law rights in certain unregistered trademarks and copyrights that were established over years of use.

Additionally, we have an ongoing patent registration program pursuant to which we register and acquire certain design and utility patents in the United States and certain other jurisdictions to the extent we determine appropriate and cost-effective.

We are the authorized user of a variety of social media handles, pages, and profiles that

reflect our primary brand.

In addition, we have a suite of defensively registered domains.

We believe that the protection of our trademark rights is an important factor in product recognition, protecting our brand, and maintaining goodwill.

We are the authorized user of a variety of social media handles, pages, and profiles that reflect our primary brand.

In addition, we have a suite of defensively registered domain names.

believe that the protection of our trademark rights is an important factor in product recognition, protecting our brand, combating fraud, and maintaining goodwill.

We believe the duration of our patents, trademarks, copyrights, and licenses is adequate relative to the expected lives of our products.

Litigation or proceedings before the U.S.

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Despite our efforts to obtain, maintain, protect, defend, and enforce our intellectual property rights, we cannot be certain that the steps we have taken will be sufficient or effective to prevent the unauthorized access, use, copying, or the reverse engineering of our technology and other proprietary information, including by third parties who might use our technology or other proprietary information to develop services that compete with ours, and our intellectual property rights might not be respected in the future or might be invalidated, circumvented, or challenged.

See “Risk Factors—Risks Related to Our Intellectual Property” for a more comprehensive description of risks related to our intellectual property and proprietary rights.

Although we do not consider any individual piece of our intellectual property to be material to our business, taken as a whole, see “Risk Factors—Risks Related to Our Intellectual Property” for a more comprehensive description of risks related to our intellectual property and proprietary rights.

laws and regulations apply to many key aspects of our current business operations and future business plans.

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As broker-dealers, our subsidiaries Robinhood Securities, LLC (“RHS”) and Robinhood Financial LLC (“RHF”) are subject to extensive regulation by federal, state and SROs, and are subject to laws and regulations covering all aspects of the securities industry.

Federal, state and SROs, including the SEC and Financial Industry Regulatory Authority (“FINRA”), can and have in the past among other things investigate, censure or fine us, issue cease-and-desist orders or otherwise restrict our operations, require changes to our business practices, products or services, limit our acquisition activities or suspend or expel a broker-dealer or any of its officers or employees.

Federal, state and SROs, including the SEC and Financial Industry Regulatory Authority (“FINRA”), can, and in some cases have in the past, among other things, investigate, censure or fine us, issue cease-and-desist orders or otherwise restrict our operations, require changes to our business practices, products or services, limit our acquisition activities or suspend or expel a broker-dealer or any of its officers or employees.

Similarly, state attorneys general and other state regulators, including state securities and financial services regulators, can bring and have in the past brought legal actions on behalf of the citizens of their states to assure compliance with state laws.

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Money-Transmitter Regulation

As money transmitters, our subsidiaries Robinhood Crypto, LLC (“RHC”) and Robinhood Money, LLC (“RHY”) are subject to regulation, primarily at the state level.

As money transmitters, our subsidiaries RHC and Robinhood Money, LLC (“RHY”) are subject to regulation, primarily at the state level.

We are also subject to regulation by the Consumer Financial Protection Bureau (the “CFPB”).

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Anti-Money Laundering and Counter-Terrorist Financing

We are subject to anti-money laundering ("AML") laws and counter-terrorist financing laws and regulations in the United States and the United Kingdom.

We are subject to anti-money laundering (“AML”) laws and counter-terrorist financing laws and regulations in the United States, the United Kingdom and the EU.

Under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act”), broker-dealers and money transmitters are required to “know your customer” and to monitor their customers’ transactions for suspicious transactions.

In the United Kingdom, the Financial Services and Markets Act 2000 is the primary regulation for all financial services in the UK.

In the United Kingdom, the Financial Services and Markets Act 2000 is the primary regulation for all financial services in the United Kingdom.

This law enacts the Financial Conduct Authority as the main AML regulator and provides guidelines for its duties.

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These rules also impose requirements for the safeguarding and proper destruction of personal data through the issuance of data security standards or guidelines.

government, including Congress, the Federal Trade Commission and the Department of Commerce, has also announced that it is reviewing the need for greater regulation for the collection, use, and other processing of information concerning consumer behavior on the internet, including regulation aimed at restricting some targeted advertising practices, and numerous states, including but not limited to California through the California Consumer Privacy Act and California Privacy Rights Act of 2020, have enacted or are in the process of enacting state-level data privacy laws and regulations governing the collection, use, and other processing of state residents’ personal data.

government, including Congress, the Federal Trade Commission and the Department of Commerce, has also announced that it is reviewing the need for greater regulation for the collection, use, and other processing of information concerning consumer behavior on the internet, including regulation aimed at restricting some targeted advertising practices, and numerous states, including but not limited to California through the California Consumer Privacy Act, as modified by the California Privacy Rights Act, have enacted or are in the process of enacting state-level data privacy laws and regulations governing the collection, use, and other processing of state residents’ personal data.

The New York State Department of Financial Services (“NYDFS”) also issued Cybersecurity Requirements for Financial Services Companies, which took effect in 2017, and which require banks, insurance companies, and other financial services institutions regulated by the NYDFS including RHC, to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry.

Failure to comply with these requirements may result result in, among other things, revocation of required licenses or registrations, loss of approved status, private litigation, administrative enforcement actions, sanctions, civil and criminal liability, and constraints on our ability to continue to operate.

Failure to comply with these requirements may result in, among other things, revocation of required licenses or registrations, loss of approved status, private litigation, administrative enforcement actions, sanctions, civil and criminal liability, and constraints on our ability to continue to operate.

Communications Regulation

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Communications laws and regulations, including those promulgated by the Federal Communications Commission, apply to certain aspects of this activity in the United States and elsewhere.

Credit Card Regulation

Robinhood Credit is a financial technology company that offers customers access to credit cards and rewards program.

Robinhood Credit is not a bank and its credit card is issued by Coastal Bank, member FDIC, pursuant to a license from Visa U.S.A.

Because of its role in offering customers access to a credit card, Robinhood Credit is subject to the jurisdiction of the CFPB.

The CFPB has broad authority over Robinhood Credit’s business, including authority to write regulations under federal consumer financial protection laws such as the Truth in Lending Act (“TILA”) and the Equal Credit Opportunity Act (“ECOA”), and to enforce those laws against and examine large financial institutions, such as Coastal Bank, for compliance.

The CFPB is authorized to prevent “unfair, deceptive or abusive acts or practices” through its regulatory, supervisory and enforcement authority.

Robinhood Credit is subject to the regulatory and enforcement authority of the CFPB, as a facilitator, servicer or acquirer of consumer credit.

As a vendor to Coastal Bank, Robinhood Credit is also subject to examination by federal banking

regulators, such as the Federal Reserve Board, with respect to the marketing, customer screening and servicing activities undertaken by Robinhood Credit on Coastal Bank’s behalf.

In addition, Robinhood Credit may be considered to qualify as a “debt collector” and federal, state and local statutes establish specific guidelines and procedures which debt collectors must follow when collecting consumer receivables.

The Fair Debt Collections Practices Act (“FDCPA”) and comparable state and local laws establish specific guidelines and procedures which debt collectors must follow when communicating with consumers, including the time, place and manner of the communications.

Robinhood Credit has policies and procedures in place to comply with the applicable provisions of the TILA, ECOA, FDCPA and other applicable federal law and comparable regulations in all of its activities.

Failure to comply with these laws and regulatory requirements applicable to Robinhood Credit’s business may, among other things, subject Robinhood Credit to damages, revocation of required licenses, class action lawsuits, administrative enforcement actions, and civil and criminal liability, which may harm Robinhood Credit’s business and its ability to maintain its partnerships and product offerings.

Finally, Robinhood Credit’s activities are subject to certain state licensing requirements.

Because of its partnership with Coastal Bank for the issuance of credit card accounts, Robinhood Credit believes in most states it operates it is exempt from or satisfies relevant licensing requirements with respect to the origination of credit card accounts that Robinhood Credit facilitates.

However, Robinhood Credit may need one or more state licenses to broker, acquire, service and/or enforce loans.

As needed, Robinhood Credit has and will continue to endeavor to apply and obtain the appropriate licenses.

Although Robinhood Credit will periodically evaluate the need for licensing in various jurisdictions, there is a risk that, at any given time, Robinhood Credit will not have the necessary licenses to operate in all relevant jurisdictions or that Robinhood Credit will not be in full compliance with all applicable requirements.

If Robinhood Credit is found to not have complied with applicable laws, regulations or requirements in any jurisdiction, Robinhood Credit could lose one or more of its licenses, become subject to a consent order or administrative enforcement action, need to modify or suspend certain of its business practices (including limiting the maximum Annual Percentage Rates offered to credit card applicants), or be required to obtain a license in such jurisdiction, any of which may harm Robinhood Credit’s business.

Authorized Activities in the U.K.

Robinhood U.K., Ltd.

(“RHUK”) is authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom to carry on certain regulated activities related to the provision of investment services.

The FCA regulates the financial services industry in the UK.

Its role includes securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the UK financial system, and promoting effective competition in the interest of consumers.

If RHUK and/or its personnel fail to meet FCA standards, the FCA has a range of enforcement powers that it can use, including among other things, withdrawing a firm’s authorization, prohibiting and suspending firms and individuals from undertaking regulated activities, issuing fines, and bringing criminal prosecutions.

Cryptocurrency Regulation in the European Union

RHEC offers cryptocurrency services to eligible customers in select jurisdictions in the EU and is registered according to the regulatory requirements of the Republic of Lithuania as a virtual currency exchange and virtual currency depository wallet operator.

RHEC is supervised by the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania.

RHEC is also registered under the applicable Polish law as a virtual assets service provider (“VASP”) in the Register of Virtual Currency Activities maintained by the Director of the Tax Administration Chamber in Poland.

RHEC is in the process of obtaining necessary authorizations and licenses to operate in other countries in the EU.

RHEC also intends to expand its offerings.

Failure to comply with applicable Lithuanian rules and regulations, and similar laws, rules and regulations in other EU countries could result in fines or other legal consequences for RHEC.

In addition, EU-level legislation imposing additional regulatory requirements in relation to crypto-related activities is also expected to take effect in the near term, with the adoption of the Markets in Crypto-Assets Regulation (“MiCA”).

Among other provisions, MiCA introduces

a comprehensive authorization and compliance regime for crypto asset service providers and a disclosure regime for the issuers of certain crypto assets, which is expected to impact our operations in the EU.

Anti-Bribery and Anti-Corruption Regulations

We are subject to anti-bribery and anti-corruption regulations imposed by the Foreign Corrupt Practices Act (“FCPA”) in the U.S.

Bribery Act 2010 (“the Bribery Act”), which generally prohibit companies and those acting on their behalf from making improper payments to foreign government officials for the purpose of obtaining or retaining business.

The Bribery Act also prohibits improper payments between private entities and persons.

Additionally, the FCPA requires issuers to maintain accurate books and records and have a system of internal controls sufficient to, among other things, provide reasonable assurances that transactions are executed and assets are accessed and accounted for in accordance with management's authorization.

The sanctions for FCPA and Bribery Act violations can be significant.

The SEC may bring civil enforcement actions against issuers and their officers, directors, employees, stockholders, and agents for violations of the anti-bribery or accounting provisions of the FCPA.

Companies and individuals that have committed violations of the FCPA may have to disgorge their ill-gotten gains plus pay prejudgment interest and substantial civil penalties.

Companies may also be subject to oversight by an independent consultant.

In the U.K., the Serious Fraud Office (“SFO”) has also published various policies and internal guidance documents for investigators and prosecutors considering bribery offenses.

The consequences for individuals and organizations found guilty of an offense under the Bribery Act can be serious.

The maximum sentence is 10 years for individuals who commit such offenses.

Organizations are liable for an unlimited fine;

removal of tainted proceeds;

debarment from public sector contracts/tenders, as well as the disruption and cost of a law enforcement investigation;

and directors may be disqualified from acting as a director for up to fifteen years.

Environmental Regulation

We are subject to applicable federal, state, local and foreign laws and regulations relating to climate risk and environmental impact, including those required by the U.S.

Environmental Protection Agency.

In addition, we are, or may become, subject to various climate disclosure regimes regulating the disclosure of green house gas (“GHG”) emissions and related information, such as the EU’s Corporate Sustainability Reporting Directive (“CSRD”) and California’s Climate Corporate Data Accountability Act and Climate Related Financial Risk Act.

The interpretation and enforcement of such climate disclosure regimes remains uncertain, and compliance may require the investment of significant resources, increase our costs, disrupt our business operations and pose reputational and other risks.

Available Information

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We webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations website.

Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and

earnings releases, and blogs as part of our investor relations website.

We use the "Overview" tab of our Investor Relations website (accessible at investors.robinhood.com/overview) and its blog, Under the Hood (accessible at blog.robinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC’s Regulation Fair Disclosure (“Reg.

Investors should routinely monitor those web pages, in addition to our press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs as part of our investor relations website.

We use the “Overview” tab of our Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC’s Regulation Fair Disclosure.

Investors should

routinely monitor those web pages, in addition to our press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

The contents of our websites are not intended to be incorporated by reference into this Annual Report or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

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What changed 10-K

Item 1. Business