Chapter 1: What is the main topic discussed in this episode?
All right guys, welcome back to the Full7 Podcast. We have Vlad, the founder of Robinhood.
Chapter 2: Who is Vlad Tenev and what is Robinhood?
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I like that one too, but I just, I don't want to get a John Mayer, or like a watch named John Mayer, you know? Are you AP or no? I know a little bit. I don't have any.
Have you seen a ceramic skeleton?
Is it a Royal Oak? Yeah, Royal Oak. Yeah.
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Chapter 3: What inspired the creation of Robinhood?
That is. Oh, my God. That's just a cash delivery. Can you explain that to us?
Yeah. So, I mean, it's pretty simple. There's a product called Robin Hood Banking, which I think is the best banking product out there right now. It's different than the other neobanks. The other neobanks tend to go after a paycheck to paycheck customer. Right. So it's sort of like you go to 7-Eleven to get cash. We wanted to do it differently.
We wanted to give you a digital private banking experience. So imagine you're a high net worth individual and you go into sort of like your beautiful private bank lobby with the marble columns and mahogany desk, and you get treated like a VIP. That's what we want to recreate. One thing that wealthy people have is they're not going to the ATM in the Tenderloin to get their cash.
They have a truck delivering cash to their house. Actually, there was a great company called First Republic Bank. Maybe you guys have heard of it. It didn't survive the banking crisis of a couple years ago. But their shtick was... Great service, private banking, high end. And they served a lot of founders and entrepreneurs in the Bay Area in particular.
But not a great digital experience, brick and mortar. And they had this. They had the cash truck deliver money to your house so you don't have to go to an ATM. So then we asked ourselves, can we take that experience, which is really nice and legitimately very useful, and make it available to the mass market?
And and then we realized, well, you can get your food delivered, you can get a car coming to your house to take you from place to place. Why can't we do the same for financial services? Why don't we? And there's been sort of this idea that the bank branch is obsolete and should be replaced by technology. But we're not quite there.
There's still a lot of things you have to go to a bank branch for cash being the most important. So you can think of cash delivery as our first step and the biggest step to digitizing the entire banking experience with no compromises. It should be better, not worse, to remove the branch. And I don't think a lot of people have gotten that right about digital banking.
But can you just walk us through? So if I need a couple grand, I can go on Robinhood, and then it's partnered with GoPuff, and I can get 2K just delivered to my house within an hour?
Yeah. I did it a couple weeks ago. It was like 15 minutes. Is two grand the max? I think two grand is currently the max. And it's still rolling out. I think it's live in California and New York and expanding from there. So there's nothing magical about the max. It's just we have to start somewhere.
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Chapter 4: How did Robinhood achieve 27 million users?
Tape, tape. We can help you with that. This is a huge flex. How much gold is this? I think that's 37 grams. So what happens if I lose this and I got to replace it?
You'll get... The card's worth 7K?
Yeah.
All right. How do we get one of these?
That's why I can't have this, because I'll lose this. Why can't you leave this at a bar? If you lose it, you can't spend any more money. So is it $7K to replace it? Yeah, you can replace it with a solid gold one. You can also get...
That's Vlad.
A less expensive but still very nice metallic gold basic variant. And there's also a 24 karat gold variant that's sort of halfway in between.
What happens when you pull this out at a date to pay?
This is actually 10 karats.
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