档案库 · 金融科技 · 财务决策 · 2013–2017
Robinhood确认C轮融资1.1亿美元，估值13亿美元，跻身独角兽俱乐部
零佣金交易应用Robinhood在用户达到200万、Gold服务月增长17%后，从DST Global获得1.1亿美元融资，估值13亿美元。
Robinhood
做的是什么生意
Robinhood is a commission-free stock-trading app that makes money through Gold subscriptions (instant deposits and margin), order-flow rebates and interest on idle cash rather than charging per trade.
启动资金：A $110M Series C announced on 2017-04-26 at a $1.3B valuation, led by DST Global with NEA, Index Ventures, Ribbit Capital, Thrive and Greenoaks; about $176M raised in total.
起因
Robinhood got its start in 2013 as a zero-fee stock-trading app for younger, less-wealthy users, run by a lean engineering team instead of a brick-and-mortar brokerage network. Before this round it had raised about $66 million — including $50 million from NEA in early 2015 — and launched a premium Gold tier with instant deposits and margin trading to answer the standing question of how a free broker would make money.
经过
By April 2017 the bet looked validated: Robinhood passed 2 million active users (up from 1 million in October), was adding about 140,000 accounts a month — more than E*TRADE added in all of 2016 — and had processed $50 billion in trades, saving users an estimated half-billion dollars in commissions. Gold, priced from $6 to $200 a month depending on borrowing power, was growing 17% month over month, supplemented by order-flow rebates and interest on idle cash. On 2017-04-26 the company confirmed a $110M Series C at a $1.3B valuation led by DST Global, with NEA, Index Ventures, Ribbit Capital, Thrive and Greenoaks participating, and launched a referral program that gave each side a free share of stock. The money was earmarked for doubling down in the US after expansion abroad proved harder: a planned China launch through Baidu Finance was abandoned as the regulatory climate shifted, and progress with regulators in Australia was slow.
结果
TechCrunch declared Robinhood had joined the unicorn club, and co-founder Baiju Bhatt framed the round as proof that a finance company could grow like an internet company — with Gold answering how it would make money. The 80-person company said it would add products and services and hire across every department in Palo Alto to keep attacking incumbents like Charles Schwab that were cutting their own fees in response.
背景
Robinhood成立于2013年，押注股票交易可以免费：简单的移动应用、零佣金、零最低限额，由工程师而非分支机构网络运营，瞄准大券商忽视的年轻美国人。关于如何赚钱的质疑一直存在，而到2017年4月，公司给出了答案：Gold订阅、保证金和闲置现金利息增长迅速，DST Global领投了1.1亿美元C轮融资，估值13亿美元。
支撑这轮融资的数据：活跃用户200万（自10月以来翻倍），每月新增账户约14万个——超过E*TRADE全年新增量，处理交易额500亿美元，联合创始人Baiju Bhatt称已为用户节省约5亿美元佣金。Gold订阅月费6至200美元，月增长17%。
资金将用于在美国加倍投入，因海外扩张遇阻：原定与百度金融合作进军中国的计划因监管变化而放弃，在澳大利亚的监管进展缓慢。公司还推出推荐计划，推荐双方各获一股免费股票（来自Facebook、苹果、福特和通用电气等），并面临日益激烈的竞争，如查尔斯·施瓦布已降低费用。
这件事要成立，得有什么
- 产品直击固有费用：免费手机交易带来快速增长，每月新增账户超过E*TRADE全年新增。
- Gold通过订阅、保证金和利息模式回应了收入质疑，让投资者终于看到免费券商如何盈利。
- DST Global坚持不懈的接触（每月致电）说明成长期资本相信该模式，愿意以13亿美元估值领投。
- 保持80人精简团队并在退出中国后专注美国，使免费定价得以持续的成本结构。
可借鉴之处
免费可以是护城河而非赠品，当订阅和保证金将受众变现时：在13亿美元估值的这轮融资中，Gold的增长回答了收入问题。
后续进展
截至2017年4月26日，Robinhood以13亿美元估值加入独角兽俱乐部，累计融资约1.76亿美元。C轮资金将用于新产品和服务，并在帕洛阿尔托总部各部门招聘。Bhatt强调需要继续打击欺诈、应对施瓦布降费，并教育首次投资者关于投入真金白银的风险。本条目來源未提供后续发展。
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