Robinhood began to gain clients from more well-known brokers, including Fidelity and Charles Schwab.

The mentioned virtual trading platform has received revenue of about $1.1 billion in the form of transfers from accounts since October 23 of this year. On the specified day of October, the company began offering consumers a 1% discount on transferred brokerage accounts. Information about the firm’s income was published by the media at the end of last week.

Clients transferred $350 million and $375 million to Robinhood in the second and third quarters, respectively, from other brokerages. The relevant information is contained in the company’s statement.

The media notes that many accounts registered on the Robinhood digital platform after the implementation of the decision to provide a 1% discount are significantly bigger than the average account in the operating virtual environment of the firm. The average amount of more than 150 transfers from the account in this case is more than $1 million. Robinhood’s new customers are mainly former consumers of services from companies such as Charles Schwab, Fidelity Investments, and Morgan Stanley-owned E*Trade.

At the same time, the replenishment of the user base has not yet changed the ratio of financial volumes of firms. In this case, it is implied that the total value of assets on the Robinhood virtual platform is still less than that of larger brokers, in whose operating spaces the amount of money is estimated in trillions of dollars. At the same time, there are already signs of a trend of changes in the situation after the consolidation season in the brokerage environment.

Steve Quirk, Robinhood’s chief brokerage officer and former CEO of TD Ameritrade, said that the industry is currently experiencing disruptions, which, according to him, are the largest among all those he has had to observe. Mr. Quirk also stated that the current moment is a time of opportunity for the company of which he is an employee.

Charles Schwab says that so far absolutely no significant cash flows have been recorded in Robinhood. The company also stated that most of its clients are individual investors under the age of 40. A spokeswoman for the firm says that those who take the first steps into the sphere of investments initially interact with small brands, but as their capabilities develop, they move on to cooperation with larger players.

Robinhood is currently actively offering products on the market that can potentially help expand its customer base. For example, in July, the company launched traditional and Roth individual retirement accounts.

Robinhood is also currently undergoing a comprehensive expansion process. Last month, the company began offering brokerage services to clients in Great Britain. Consumers of the firm’s services residing in the United Kingdom will now be able to trade more than 6,000 shares listed on the stock exchange in the United States.

Vlad Tenev, CEO and co-founder of Robinhood stated that since the company began operations ten years ago, expansion in the global market has always been the core of the development concept. He also says that the United Kingdom, as a center of innovation, global finance, and talented specialists in the sphere of high technology, is the ideal place to launch his firm’s first international brokerage product.

As we have reported earlier, Robinhood Reports 75% Rise in Trading Volume.