Robinhood is turning into a full-stack financial machine.
Revenue mix tells the story: transaction fees still dominate, but net interest is now a massive chunk – peaked ~50% in 2023, still ~34%.
And the numbers confirm it: 324B assets (+70% YoY), $68B net deposits, 8 straight quarters of inflows. That’s primary account behavior.
What I find most interesting is the shift:
• Trading = acquisition
• Deposits + subscriptions = retention + monetization
Direct deposits >50% adoption early is huge. That’s how you lock users in.
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