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Robinhood's retort to SEC's threat to outlaw kickbacks from order flow is to in-source the trading operation and take more of the bid-ask spread

Robinhood points out it has a 'history of doing difficult tasks' like when it brought clearing in-house to 'market make as a solution to monetize the stream.'

Author Brooke Southall September 16, 2021 at 2:00 AM
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Vlad Tenev was called to testify before Congress on Robinhood's revenue stream.

Apex Clearing Corp.

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Robinhood

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Securities and Exchange Commission



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May 6, 2025 at 12:42 AM

In 'forced-evolution,' Robinhood subtracts a co-founder and pivots to credit cards to create captive sales that dried up after its phone-app trading platform and zero-commission novelty act imploded

Co-founder Baiju Bhatt exits management, but Deepak Rao is just getting started as CEO Vlad Tenev goes all in on making Robinhood a credit card company.

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