In the recent short squeezes that saw GameStop, AMC Entertainment Holdings, and several other stocks soar rapidly in extremely volatile trading, many investors were getting frustrated with trading restrictions put in place by Robinhood. And if these investors decide to make a change, other app-based trading platforms that cater to the younger generations could scoop up tons of new members. In this Fool Live video clip, recorded on Feb. 2, contributor Matt Frankel, CFP, and Industry Focus host Jason Moser discuss why Social Capital Hedosophia Holdings V (IPOE), which is taking fintech start-up SoFi public, could be a big winner. 

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Jason Moser: Let's talk a little bit about the aftereffects here because clearly a lot of Robinhood account holders are up in arms. They feel like they have been left hanging, and whether that's the case or not, there are other platforms out there that are picking up a little bit of that traffic that is leaving Robinhood's platform. I follow Kate Rooney, CNBC's Kate Rooney, on Twitter and I recommend you follow her if you're interested in fintech and stuff like that. She's @Kr00ney. She had a tweet up here that was showing the Square (SQ -2.28%) Cash App has been seeing a very large influx of those leaving the Robinhood platform and going elsewhere, someplace where they feel like maybe there's a little bit greater trust factor. Another name on there and someone we've heard a lot from here recently is SoFi. SoFi picking up a lot of that excess traffic as well.

Matt Frankel: Well, they have a trading app. A lot of people don't know that. [laughs] They are much better known for their lending, their student loans or personal loans and things like that. But a more recent part of their business, they have a trading app that's really geared toward millennials. It's really an ideal Robinhood competitor. Now, there are some things that Robinhood does that SoFi invest, it's called SoFi Active Investing. I think it's the official name. There are some things Robinhood does that SoFi can't do, like options trading, for example, right now. It's not set up to do that, but it will let you buy fractional shares. It's very millennial-focused, it's very community-focused where you can follow other investors' moves and things like that, the things that appeal to the trader crowd. It's being taken public by a SPAC, IPOE, one of Chamath [Palihapitiya]'s SPACs, and Chamath has a huge amount of influence over investors right now. There are a lot of investors waiting to see what his next move is.

Moser: I have noticed that. [laughs]

Frankel: The fact that this is the only trading app or trading platform that has a direct connection to Chamath is a big deal. The stock, IPOE, we know they're taking SoFi public for a few weeks. We've talked about it a few times on the show. The stocks up 32% since Thursday. On no real news other than the fact that Robinhood traders are upset [laughs] and a lot of them are conceivably looking for another place to go. It's really significant that Robinhood put restrictions on today because it shows that wasn't just a one-time thing, that they are having to be careful right now until this whole thing dies down, which a lot of Robinhood investors could have lived with it if it was like, "OK. You can't trade GameStop on Friday afternoon." But when it extends to the next week, the likelihood of people trying to switch is getting higher.