Robinhood has appeared in its new Avtaar offering investors better transactions account details with its Robinhood Instant. Unlike its earlier three day deal to get the money details in account, Robinhood Instant is allowing users in borrowing $1000 to trade with its deposit and instantly trade with proceeds of stock sales. Users can sign up for this feature from Android or iOS.
Here users need to ask their friends to sign up for the app to speed up access to Robinhood Instant. It allows people to move up 800,000 person pre launch wait-list by inviting friends. Users were hungry for its features and over 70,000 people have joined the instant wait-list since 5 am this morning.
It will have to be extremely careful as it will be simpler for crooks to use the startup by spending the advance and cancelling the repayment transfer. “We have a very strong data science and risk team” co-founder and co-CEO Vlad Tenev says “We are very comfortable with the risk parameters we’re taking. This will not only be a useful service for customers but very sustainable for us in the long run.”
It has successfully attracted A-list investors. Robionhood has scored a $3 million seed in 2013 and $13 million A in 2014 and a $50 million B round in last year. The money will be coming from established firms like Google Ventures, NEA, Index, and Andreessen Horowitz, and celebs like Nas, Jared Leto and Linkin Park.
Presently, the app has hundreds of thousands of active users buying, tracking and selling stocks with no fees. No brokerage has reached $2 billion in transaction faster and it saved users $70 million in fees.