Please ensure Javascript is enabled for purposes of website accessibility

Robinhood Acquires Recruiting Firm Binc, Says It Is Actively Hiring

By Eric Volkman - Mar 15, 2021 at 9:15PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Owning the company will double the brokerage operator's in-house recruitment team.

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.

A woman looking at a set of indexes and graphs.

Image source: Getty Images.

"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.

 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

GameStop Corp. Stock Quote
GameStop Corp.
GME
$100.38 (9.35%) $8.58
The Charles Schwab Corporation Stock Quote
The Charles Schwab Corporation
SCHW
$65.20 (1.81%) $1.16

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
338%
 
S&P 500 Returns
119%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/17/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.