Vladimir Tenev and Baiju Bhatt, founders of Robinhood
Robinhood was founded in 2013. It is an online trading platform that offers users unlimited commission-free trading. This app is user-friendly and doesn’t require large sums of money to start trading. This app is perfect for beginner traders and people who are interested in learning the basics of trading.
Robinhood offers its users the options to trade in Exchange Traded Funds (ETFs), stocks, gold, options and cryptocurrencies.
Sounds great, right? If you have been curious about trading but have no idea where to start or very little money to start, Robinhood is an excellent place to start.
Who are the faces behind this revolutionary app?
That would be Vladimir Tenev and Baiju Bhatt are the founders of the Robinhood app and now billionaires themselves.
Vladimir Tenev migrated with his parents to the USA at the age of 5 from Bulgaria. Tenev’s mom and dad worked for the world bank, which afforded them to send their son to Stanford University to pursue a degree in mathematics.
Baiju Bhatt’s parents migrated to the USA before Bhatt was born. Bhatt grew up in Virginia and earned a bachelor’s degree in physics from Stanford University, where he met Tenev.
Bhatt and Tenev met and became friends at Stanford University. The two started building high-frequency trading platforms for businesses in New York City.
The idea for Robinhood came from the need for a change to the trading game. It was set up for people who had a minimum of $500 to break into trading. Bhatt and Tenev saw a need for a more inclusive way of trading and started up Robinhood. The mission statement is “Provide everyone with access to the financial markets, not just the wealthy,” spoken like a modern-day Robinhood.
The app was such a success that Bhatt and Tenev became billionaires, and Robinhood is valued at 11.2 billion.
A few facts about Robinhood
- 18 million active users
- The average user is 31 years old
- In the first week of January 2021, the app was downloaded by 2.1 million users
- On January 28, 2021, Robinhood app rose to #1 downloaded app since its release
- Due to the pandemic, in April 2020, user time spent on the app rose by 260%
I think it is fair to say Vladimir Tenev and Baiju Bhatt have done very well for themselves and created an app that has changed the game of trading. Making it more inclusive and fair to everybody with an interest in learning to trade.