California-based trading app, Robinhood will open a new office in Charlotte as it looks to scale its business and better serve its customers.
In a blog post announcing the news, Robinhood said it is looking to fill the new location with over 100 new hires in the areas of marketing, compliance and elsewhere. The new Charlotte office brings Robinhood’s physical presence to eight cities in the US.
Robinhood noted that the new office comes even as its employees continue to work remotely. Since 2020, the company went from an onsite office-based workforce to a hybrid setup with employees split between home and offices scattered across the map.
“Charlotte is known for its talented and diverse workforce, making it an easy choice as we looked to expand our operations. We’re confident that Charlotte’s workforce will further contribute to our mission and lower the barriers to investing for all. We’re thrilled to join the Charlotte community,” said Alex Mesa, Head of Customer Experience.
“With the second-largest financial center in the nation, North Carolina is one of the fastest-growing tech hubs where companies like this know they can flourish,” said North Carolina Governor, Roy Cooper.
Robinhood Opens First East Coast Hub
Expanding its presence to North Carolina comes barely a few weeks after the stock-trading app, which is currently based in Menlo Park, opened two offices in New York and Seattle. At the time, the startup said it expects to eventually make ‘hundreds of additional hires’, to serve customers from the financial hub of the world.
A surge in retail investing drove millions to the Robinhood platform, having added six million funded accounts to its cryptocurrency service so far this year.
With the new round of stimulus checks already delivered, Robinhood Markets, alongside other online brokers, anticipate their retail clients may funnel a good chunk of that money into their stock trading accounts. Additionally, they expect the new liquidity could provide a boost for penny stocks embraced by individual investors active in online social media forums, such as Reddit’s WallStreetBets.
Robinhood is expected to launch an initial public offering in the second quarter of this year, potentially at a valuation of $40 billion.