Tenner [Analyst]'s questions to Robinhood Markets Inc (HOOD) leadership • Q1 2025
Question
An analyst named Tenner from Future Investing asked if new verticals like credit cards are attracting new users directly to the platform or primarily serving as cross-sells to existing customers.
Answer
CEO Vladimir Tenev explained that it's a mix, but new products are typically tested with existing active users first, leveraging the large installed base of over 25 million funded accounts. He noted the credit card is unique due to its large waitlist, which validates the thesis of acquiring customers with a great product rather than high marketing spend. CFO Jason Warnick added that Robinhood Gold is central to the cross-sell strategy, as Gold members are significantly more likely to adopt other products.