fintech Fintech Apps See Massive User Growth As Saving Replaces Spending Savings and investing apps like Robinhood and M1 Finance experience a huge surge in new accounts as consumers shift away from spending during the economic downturn.
google io Tech Industry Disrupted By Virus Cancellations And Major Startup Shutdown The COVID-19 coronavirus forces Google to cancel its massive I/O developer conference, while Justin Kan's well-funded legal startup Atrium unexpectedly shuts down. Robinhood also explains that unprecedented trading traffic caused its recent severe platform outages.
alpaca Alpaca Raises $6 Million to Let Developers Build Their Own Stock Trading Apps Fintech startup Alpaca provides a free API that handles banking and regulatory hurdles so developers can easily build their own stock trading platforms. The company earns revenue through payment for order flow and interest, surpassing $1 billion in transactions within its first year.
robinhood Robinhood Glitch Gives Traders Unrestricted Access to Borrowed Funds A major glitch in the Robinhood app allows users to trade with massively inflated borrowed funds, with one user turning a $4,000 deposit into a $1 million position. The trading platform acknowledges the isolated incidents but does not confirm a fix.
robinhood Robinhood Wins U.K. Regulatory Approval to Challenge Local Fintechs Robinhood receives authorization from the Financial Conduct Authority to operate as a broker in the U.K. The Silicon Valley trading app gears up for a London launch to compete against local rivals like Freetrade and Revolut.