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Speaker 1: It's now roughly six months since Robinhood launched its UK offering. Well,

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Speaker 1: Bloomberg Intelligence says consensus sees the retail trading platforms revenue

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Speaker 1: jumping by forty percent this year, even as net interest

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Speaker 1: income tailwinds fade with US ratecaps. Well, I'm very pleased

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Speaker 1: to welcome Flat ten if robins Hood, Chief executive officer.

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Speaker 1: Flat So good to see you in London and so

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Speaker 1: good to see in the studio. You've been here for

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Speaker 1: a couple of weeks, so talk to me about what

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Speaker 1: you're offering to the UK. You've ruled it out about

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Speaker 1: six months ago. How's it going and what more do

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Speaker 1: you have planned?

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Speaker 2: Yeah, thank you for having me. Always good to be

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Speaker 2: here in London. I think for the UK, the value

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Speaker 2: proposition is really Robinhood's the best way to invest in

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Speaker 2: US markets and US dollars. So we're offering trading and

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Speaker 2: investing in US stocks, and we have a particularly innovative

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Speaker 2: offering that we call twenty four hour Market, which allows

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Speaker 2: over one thousand symbols to be traded around the clock,

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Speaker 2: particularly useful here where there's less overlap with US East

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Speaker 2: Coast market hours.

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Speaker 1: But so when you look at you know, at the

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Speaker 1: moment you allow consumers to invest in US stocks, are

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Speaker 1: you going to open that up put that to other

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Speaker 1: asset classes.

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Speaker 3: Yeah.

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Speaker 2: Absolutely, So the first priority is making all of the

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Speaker 2: great functionality that we became known for in the US

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Speaker 2: available to UK customers. So margin investing in particular is

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Speaker 2: coming in the coming weeks.

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Speaker 3: There's been a huge demand for.

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Speaker 2: Options as well, options on US equities because that's just

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Speaker 2: hard to come by here in the UK market, So

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Speaker 2: we really feel like we can differentiate with US offerings.

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Speaker 2: But of course we're looking ahead to multi currency wallet

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Speaker 2: support and local execution, including the London Stock Exchange.

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Speaker 1: It's exciting. So in what kind of timeframe? I mean,

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Speaker 1: so margin in a couple of weeks, yeah, and then

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Speaker 1: every couple of every couple of months something something more.

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Speaker 2: That's the idea, Yeah, every couple of months. I mean,

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Speaker 2: we have a long back law of things and we're

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Speaker 2: continuing to build new things. So we've talked a little

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Speaker 2: bit about new asset classes that are likely going to

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Speaker 2: come to the US first, like futures trading. But really

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Speaker 2: we think Robinhood can offer a differentiated service for UK

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Speaker 2: investors who want exposure to broader global markets.

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Speaker 1: But we've been talking a lot about IPOs and the

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Speaker 1: fact that the IPO market in the UK and London

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Speaker 1: is a bit me It's like it's okay, but actually

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Speaker 1: doesn't really get people invested or excited about. Do you

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Speaker 1: see that translating into your platform, that the lens through

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Speaker 1: which people invest just needs a bit of a boost.

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Speaker 2: Well, I think that one of the things that we

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Speaker 2: offer by being a US platform and giving access to

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Speaker 2: US stocks is that diversification. So even though even if

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Speaker 2: the UKIPO market or the UK markets have ups and downs,

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Speaker 2: the US markets are available for customers. So having more

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Speaker 2: opt and lower cost options that are easy to use,

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Speaker 2: I think is needed here and really is good for

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Speaker 2: the consumer.

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Speaker 1: But is there more of an appetite towards think fixed

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Speaker 1: income products because of an appetite for risk? And do

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Speaker 1: you see that changing.

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Speaker 2: Fixed income products are interesting? So with the retail audience,

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Speaker 2: we found that keeping it as simple as possible and

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Speaker 2: really meeting the customer's core need, which is in the

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Speaker 2: case of fixed income.

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Speaker 3: Lower risk yield.

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Speaker 2: And so we have a great product called cash Sweep

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Speaker 2: where we can allow our customers even when they're not

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Speaker 2: investing in equities to earn a yield on dollars on

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Speaker 2: the platform right now it's four and a half percent

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Speaker 2: with up to two and a half million dollars of

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Speaker 2: FDIC protection. So it's been a very popular product and

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Speaker 2: if you want to diversify into holding US dollars as

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Speaker 2: a UK customer, I think it's the best value proposition

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Speaker 2: on the market and very easy to use through Robinhood.

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Speaker 1: Yeah, of course we don't give investment advice, but it's

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Speaker 1: a good page when you get some of the interest rates.

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Speaker 1: I mean, you've been able to hold on to a

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Speaker 1: lot of deposits because you offer high returns and some

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Speaker 1: of your competitors as interest rates go down, what does

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Speaker 1: that proposition look like?

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Speaker 2: Yeah, it's interesting when no pun intended. When Robinhood first

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Speaker 2: went public in twenty twenty one, there was talk of

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Speaker 2: Robinhood being sort of like a zero interest rate business.

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Speaker 2: We'd done so well when rates were low because we

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Speaker 2: had brought so many people into the markets to start

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Speaker 2: investing in trading. The question was how would we do

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Speaker 2: if interest rates went up and kind of the tailwinds

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Speaker 2: for the markets decrease, because, as you know, interest rates

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Speaker 2: going up is kind of inversely correlated with stock market activity.

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Speaker 3: But it took a lot of hard work.

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Speaker 2: We had to essentially refound the business, mobilized towards retirement product,

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Speaker 2: toward high yield. We launched a credit card in the US,

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Speaker 2: and we built the business up to a point where

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Speaker 2: net interest income actually surpassed transaction volume as our leading

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Speaker 2: source of revenue. So our approach is we're going to

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Speaker 2: continue to roll out new products. Many of our products

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Speaker 2: actually will do better in a lower interest rate environment.

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Speaker 2: For example, margin which is coming in the UK, as

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Speaker 2: well as options trading. More of our active trading products

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Speaker 2: interest on cash becomes less attractive. But I think overall

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Speaker 2: the business and the value proposition for customers should benefit

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Speaker 2: even more from a lower interest rate environment.

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Speaker 1: Talk to me a little bit about what happens after

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Speaker 1: the UK. Are there any more international phrase that you

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Speaker 1: want to get into.

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Speaker 2: Yes, So we're live in the European Union as well

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Speaker 2: with our crypto offering, and we have a large crypto

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Speaker 2: business as well. And really the focus in these two

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Speaker 2: markets UK and EU is rounding out the prom suite.

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Speaker 2: So in the UK people want more active trading products.

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Speaker 2: There's some demand for cryptos well, and in the EU

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Speaker 2: customers want to invest in stocks, so we're going to

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Speaker 2: round those out, and of course, in parallel, we're looking

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Speaker 2: to expand to other markets. The long term vision is

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Speaker 2: every retail customer worldwide should have access to Robinhood and

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Speaker 2: should get the lowest cost and easiest to use access

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Speaker 2: to financial services possible through our platform.

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Speaker 1: I mean, Europe's crypto regulation, you know, is kicking in

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Speaker 1: at the end of the year, So how does that

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Speaker 1: change some of your offerings or some of the products.

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Speaker 2: That's one of the reasons we wanted to enter the

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Speaker 2: market because Europe does provide clear rules of the road.

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Speaker 2: They regulate things like initial coin offerings. Staking there's sort

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Speaker 2: of like clear paths to offering some of these crypto services.

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Speaker 2: And this is one area where Europe's actually in some

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Speaker 2: ways ahead of the US and regulation, and you know,

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Speaker 2: as an America and a European, I have mixed feelings

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Speaker 2: about this. They're sort of behind an AI somewhat ahead

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Speaker 2: in financial services. But that's one of the reasons why

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Speaker 2: we're excited about entering that market.

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Speaker 1: Are there any countries in Europe where you're looking for

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Speaker 1: a full MICA license.

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Speaker 3: We are looking to get that when it goes into effect.

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Speaker 1: Yeah, where in all the countries where you're in at

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Speaker 1: the moment, or there are specific countries that you want

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Speaker 1: to target.

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Speaker 2: We're licensed in Lithuania currently, but we might also get

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Speaker 2: specific licensure in different markets depending on depending on the

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Speaker 2: particular local laws and regulations.

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Speaker 1: I have a million and one questions, but let's talk

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Speaker 1: a little bit about the US. You face competition from

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Speaker 1: Schwab Interactive Brokers on the retail brokerage space. How do

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Speaker 1: you see that evolving in the next twelve to eighteen months.

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Speaker 2: Yeah, I think that if you look back at the

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Speaker 2: last three quarters we've reported, we've seen net inflows from

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Speaker 2: all of our major competitors. So customers have been bringing

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Speaker 2: assets to Robinhood from Schwab and from the others because

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Speaker 2: there's been consolidation. As you probably know, Schwab acquired tdam

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Speaker 2: ror Trade, which was a large active trader platform, Morgan

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Speaker 2: Stanley acquired e Trade, and so a lot of these

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Speaker 2: customers are being forced migrated to unknown platforms and that

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Speaker 2: forces them to kind of take a look at what

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Speaker 2: else is out there, and a lot of them see Robinhood.

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Speaker 2: They see the compelling pricing the user experience, and this

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Speaker 2: has been sort of like an extra nudge for them

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Speaker 2: to move their assets over and we've been doubling down

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Speaker 2: on that, adding more products, more account types in the US.

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Speaker 2: We have our first Active Trader event where I'm going

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Speaker 2: to announce some new exciting products. That's in a couple

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Speaker 2: of weeks in Miami, and so we've really been accelerating

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Speaker 2: and trying to make it even easier and more compelling

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Speaker 2: for customers to move all of their investment activities to US.

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Speaker 1: I mean, is there a dangerous Can you give us

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Speaker 1: a little bit of an idea of what the NAT

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Speaker 1: will be and is there a danger that you're going

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Speaker 1: broad maybe too quickly or is that really the aim

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Speaker 1: because you want to get a little bit of market share,

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Speaker 1: Like do you have an ideal customer in mind?

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Speaker 2: Well, we have several types of customers, but the kind

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Speaker 2: of core of our business is the active trader, and

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Speaker 2: the number one priority that we have as a business

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Speaker 2: is to actually be the leader in the active trader market.

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Speaker 2: If you look through twenty twenty three, we grew our

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Speaker 2: market share and options by just under twenty percent, Equities

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Speaker 2: grew by fourteen percent, so we're on a path to that,

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Speaker 2: and certainly there's ways to accelerate, Like we're great on mobile,

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Speaker 2: but our web product has some room for improvement. Up

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Speaker 2: until recently, we weren't that competitive on margin, but now

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Speaker 2: we have the leading rates in the industry. So there

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Speaker 2: is a focus on active traders, but we don't want

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Speaker 2: to just be an active trader business. We see much

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Speaker 2: more potential for U serving the mass market for that,

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Speaker 2: and so we built compelling retirement products which we hope

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Speaker 2: to bring to the UK soon as well, the cash

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Speaker 2: yield product, the credit card. I think that the more

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Speaker 2: breadth of products we offer, the more compelling it is

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Speaker 2: for a customer to bring their entire financial life into Robinhood.

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Speaker 1: In the UK, is Revolute your biggest competitor.

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Speaker 3: I think there's a number of small startups.

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Speaker 2: But I think the interesting thing about the UK is,

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Speaker 2: unlike the US, there hasn't really been a zero commission revolution.

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Speaker 2: You know, if you're a customer of one of the

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Speaker 2: big brokers like Hard Greaves, you're still paying you know,

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Speaker 2: ten pounds of trade. And I think the incumbents here

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Speaker 2: still have the majority of the market share, so you know,

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Speaker 2: there are some FinTechs that have launched compelling products, but

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Speaker 2: the mark itself hasn't transformed in the way that robin

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Speaker 2: Hood has transformed the market in the US, and since

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Speaker 2: we launched in the US, individual household investment in equities

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Speaker 2: has gone up something like twenty seven percent in that

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Speaker 2: time period. In the UK it's been basically flat. So

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Speaker 2: we're hoping to change that.

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Speaker 3: Here.

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Speaker 1: Talk to me a little bit about your other venture, Harmonic.

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Speaker 1: How does that fit in? I mean, you raise money

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Speaker 1: with it. How does that fit into the robin Hood's ecosystem.

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Speaker 3: Completely separate companies, so it.

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Speaker 1: Doesn't feed in at all.

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Speaker 3: No.

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Speaker 2: Harmonic is an AI business. We're building what we call

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Speaker 2: mathematical superintelligence, and the idea is that the current large

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Speaker 2: language models that are out there are particularly good at

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Speaker 2: writing history essays, but we see gaps in their ability

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Speaker 2: to produce verified output that is trusted. They hallucinate, they

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Speaker 2: confidently state wrong things, and we want to solve this

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Speaker 2: with mathematics by kind of imbuing mathematics as a primitive.

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Speaker 2: And the side effect is the models that we build

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Speaker 2: could then be used to solve really high stakes quantitative

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Speaker 2: problems where accuracy is actually very critical. I mean, and

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Speaker 2: that could be applied to financial services.

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Speaker 1: I was going to ask, the application could actually be

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Speaker 1: in super algorithms.

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Speaker 2: Yeah, right, financial services is obviously a big application of that,

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Speaker 2: but so is aerospace, automotive, you know, anything where the

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Speaker 2: consequences of writing software with bugs and fundamental errors can

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Speaker 2: be grave. So yeah, I think the current models in

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Speaker 2: AI don't adequately solve this problem, and there's like a

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Speaker 2: convergence of forces that make now the right time to

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Speaker 2: kind of build this technology.

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Speaker 1: But thank you so much for joining us today. We

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Speaker 1: went around the world looking at all of the things

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Speaker 1: that you're trying to solve. Latentive. They're the chief executive

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Speaker 1: of Robin Hood