The CEO of Robinhood Markets Inc.HOOD, Vladimir Tenev, joined CNBC's Power Lunch on Friday to discuss the company amid a downturn of retail investors.
Tenev said that while retail investing was down across the board from the COVID-19 bull market rally, Robinhood remained in the early stages and was ready to capitalize on a shift in the financial services industry.
Tenev pointed to some of Robinhood's recent products and offerings as examples of how the company would be able to replace traditional banks for younger customers. The app has already provided users with a competitive 4.9% APY rate on uninvested cash, which beats the savings account rate at U.S. banks.
Tenev said Robinhood was still in its early stages as a company. Robinhood is only available in the U.S. now, and eventually, it will be available worldwide.
During the COVID-19 pandemic, hundreds of thousands of fresh retail investors joined the market to help finance Robinhood. Robinhood is recognized for its easy-to-use interface and the ability to access advanced features for individual investors.
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