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  • Writer's pictureRealFacts Editorial Team

RobinHood Reaches All-Time High in Paid Subscribers

Robinhood logo on a phone screen

Just a few weeks after releasing their new credit card for its Gold members, Robinhood has reached a new all time high in paid subscribers. Robinhood just reported that it now has 1.7 million Gold members, this is a 42% increase from last year. Robinhood’s CEO Vlad Tenev said, “Customers are finding our Gold offering compelling across high-yield cash, retirement, margin rates and now our Gold credit card. This led Gold subscribers to reach 1.7 million in Q1, higher than at any other point in our history…The 260,000 Gold subscribers we added in Q1 was the fastest in the past 3 years. It’s also exciting to see that nearly 20% of new funded customers in Q1 subscribe to Gold, and that’s more than double a year ago.” 

The real benefit of a gold membership is higher percentage accounts for retirement, savings, and trading. Essentially, Robinhood is paying subscribers to hold their money with them. A Gold membership is $5 a month service, so members can make that back by keeping their money in Robinhood accounts. The other huge perk is that only Gold members will be eligible for Robinhood’s upcoming “Gold Card '', a new credit card that will offer 3% cashback on every purchase. Over 1 million people are on the waitlist for the gold card. 

The company also reported earnings at the same time as this announcement, they absolutely crushed it in terms of revenue and operating expenses. The company saw a 40% increase in year-over-year revenue and a 52% decrease in operating expenses. The market reacted extremely positively to this news but then the stock gave back some of its gains during the trading period as concerns with its ongoing SEC investigation are rising. 

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