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Robinhood raked in a record amount of revenue from customer trades in the first quarter of 2021, as the retail trading juggernaut nears its public debut.
The millennial-favored stock trading app collected $331 million in payment for order flow – the money brokerage firms receive for directing clients’ trades to market makers – in the first quarter of 2021, according to a recent Securities and Exchange Commission regulatory filing.
This compares with the $221 million Robinhood earned from payment for order flow in the fourth quarter of 2020 and the $91 million earned in the first quarter of 2020.
Robinhood and others in the online brokerage…