Robinhood, operator of the wildly popular securities trading app of the same name, is adding some muscle to its recruitment efforts. The company announced on its official blog that it has acquired privately held recruiting firm Binc. Robinhood disclosed neither the price nor the terms of the deal.
It did say that the addition of the 80-plus employee firm would double the size of its recruiting team, and that Binc will be absorbed into its operations immediately. It added that it is "actively hiring" new employees throughout its network; remote positions are available. Many of these are in tech positions, although the company needs help in more traditional brokerage areas such as compliance.
"As we introduce more products to the growing communities we serve, we also need more talent to help us expand as a company, bring our mission to life, and deliver financial access to more people," Robinhood wrote in the announcement.
Robinhood continues to be a go-to trading app, particularly among younger investors, although its reputation was dinged last month year when it temporarily froze trading in GameStop (GME 9.35%). Following significant hype in the WallStreetBets group on Reddit, demand surged for shares in the struggling retailer; Robinhood put the brakes on trading because of what it said were limitations imposed by its clearinghouse. But would-be GameStop buyers were irate that they couldn't get their trades executed.
Robinhood has made great strides given its youth and its limitations; however, it still operates in a segment occupied by powerful old-line brokerages like Charles Schwab. Schwab and their ilk don't enjoy the "cool factor" of Robinhood, but because of their longevity and size have more successfully maintained trust in the market. Perhaps Robinhood's new recruiting drive will help it bulk up to the level of those peers.