Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California, that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrencies as well as individual retirement accounts via a mobile app introduced in March 2015. Robinhood is a FINRA-regulated broker-dealer, registered with the U.S. Securities and Exchange Commission, and is a member of the Securities Investor Protection Corporation. The company's revenue comes from three main sources: interest earned on customers' cash balances, selling order information to high-frequency traders (a practice for which the SEC opened an investigation into the company in September 2020) and margin lending. , Robinhood had 22.8 million funded accounts and 15.9 million monthly active users. In April 2022, Robinhood rolled out a cryptocurrency wallet to more than 2 million users. History Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, who had previously built high-frequency trading platforms for financial institutions in New York City. The company's name comes from its mission to "provide everyone with access to the financial markets, not just the wealthy". Tenev noted that executing a trade cost brokerages "fractions of a penny" but they typically charged fees of $5 to $10 per trade, as well as required account minimums of $500 to $5,000. The firm showcased its app publicly for the first time at LA Hacks, first published it on AppStore in December 2014 and then officially launched the app in March 2015. As of January 2015, 80% of the firm's customers belonged to the "Millennial" demographic and the average customer age was 26. Fifty percent of users who have made a trade use the app daily and 90% use the app weekly. As of 2022, Robinhood had 22.8 million funded accounts and 15.9 million monthly active users. In April 2017, Robinhood raised $110 million at a $1.3 billion valuation led by Yuri Milner of DST Global, Greenoaks Capital, and Thrive Capital. On May 10, 2018, Robinhood closed a $363 million Series D financing round led by DST Global. , Robinhood raised a total of $539 million in venture capital funding, with the last valuation at $5.6 billion, up from their previous valuation of $1.3 billion. In February 2018, the company announced that it would be moving its headquarters from Palo Alto to the former headquarters of Sunset magazine in Menlo Park. In May 2019, reports from Bloomberg and other outlets publicized Robinhood's pursuit of an