Next-Gen

Vlad Tenev

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by christensenka1556a63b524451b
Last updated 2 years ago

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Scientific Biographies
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Vlad Tenev

Vlad TenevBy: Kaden Christensen

The son of two World Bank staffers, Tenev grew up valuing large institutions as opposed to entrepreneurship. But in 2011 the Bulgarian-born, Washington, D.C.-bred Tenev dropped out of UCLA's math Ph.D. program to build high-tech trading software for hedge funds and banks with college buddy Baiju Bhatt. They eventually switched their focus to retail consumers, aiming to use technology, design and rock-bottom pricing to undercut existing retail brokers like E-Trade and Fidelity. Their company, Robinhood, is a commission-free stock trading app available to anyone with a smartphone. Launched a year ago, the app looks like it should be used to hail a ride, but more than $2 billion in trades have been executed on the platform, completely free of charge. They hope to make money via the interest on cash in customers' accounts and by lending people money to buy stocks on margin. They have raised $66 million from top investors. "Financial services is blending in with information technology," says Tenev, 28. "The next-generation financial companies getting started right now are all to some extent software companies."

Summary

Mission and Goals

Robinhood's mission is to make financial tools accessible to everyone and to inspire a new generation ofRobinhood's mission is to make financial tools accessible to everyone and to inspire a new generation of investors. The company announced in May 2015 over 25% of their customers are first-time investors." Most stock brokerages out there have been around for 30 years, their interfaces are clumsy, and they’re targeting older professionals and active traders. They’re no place for first time investors and that’s one of the things we focus on. Making it accessible. Having it be mobile friendly."— Vladimir Tenev, co-founder

Robinhood

Robinhood Markets Inc. is a U.S. based financial services company headquartered in Palo Alto, California. The Robinhood Smartphone app (available on iOS and android) allows individuals to invest in publicly traded companies and exchange-traded funds listed on U.S. exchanges without paying a commission. The company raised a total of $66 million in venture capital funding

"People perceive investing in the market as risky. The bigger mistake is leaving a lot money in your savings account."-Vlad Tenev (28)

http://www.forbes.com/30-under-30-2016/finance/#10f2d1b63c91https://en.wikipedia.org/wiki/Robinhood_Markets

Sources

Quote

Where the idea came from and when it started a businesshttp://www.forbes.com/30-under-30-2016/finance/#10f2d1b63c91

Baiju Bhatt (left) and Vlad Tenev (right)

http://www.forbes.com/30-under-30-2016/finance/#336733693c91


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