Core Insights - Robinhood's stock has increased over 70% in the past year, driven by strong revenue growth, expanding margins, and rising profits, raising questions about whether to invest before the upcoming earnings report on February 10 [1] Revenue Generation - Robinhood has disrupted traditional brokerages by offering commission-free trades and a gamified investing approach, attracting millions of retail investors during the meme stock and cryptocurrency boom in 2020 and 2021 [1] - The company experienced a slowdown in growth in 2022 due to rising interest rates but has since expanded its offerings and user base [2] Growth Metrics - From 2020 to 2024, Robinhood's annual revenue is projected to grow from $959 million to $2.95 billion, with the number of funded customers increasing from 12.5 million to 25.2 million [3] - In the first nine months of 2025, revenue rose 65% year over year to $3.19 billion, and GAAP net income increased 158% to $1.28 billion, supported by organic growth and the acquisition of TradePMR [4] Future Projections - Analysts expect Robinhood's revenue and GAAP EPS to rise by 53% and 30% respectively for the full year, with projected CAGRs of 19% for revenue and 18% for GAAP EPS from 2025 to 2027 [5] Valuation Considerations - While growth may slow as the business matures, Robinhood's enterprise value stands at $80.8 billion, which translates to a valuation of 23 times this year's adjusted EBITDA, suggesting a more reasonable valuation despite a higher earnings multiple of 37 times [6]

Core Viewpoint - PayPal's growth has slowed significantly, while Robinhood has shown a strong recovery and growth potential, making Robinhood a more attractive investment option at this time [2][12]. PayPal Analysis - PayPal's stock has declined over 25% in the past three years, contrasting with Robinhood's nearly 280% increase [2]. - The company experienced a setback when eBay switched to Adyen as its preferred payments provider, but it initially managed to grow during the pandemic [3]. - PayPal's revenue growth has cooled, with only an 8% increase in both 2022 and 2023, and a decline in active accounts by 2% in 2023 [4]. - The take rate has not increased annually since its spinoff from eBay in 2015, indicating struggles to compete in the digital payments market [5]. - For 2024, PayPal's revenue and adjusted EPS are expected to grow by 7% and 21%, respectively, with analysts projecting 4% revenue growth and 8% adjusted EPS growth for 2025 [6]. Robinhood Analysis - Robinhood's revenue surged by 245% in 2020 and 89% in 2021 due to pandemic-related factors, but it faced a 25% revenue decline in 2022 as market conditions changed [8]. - In 2023, Robinhood's revenue rebounded by 37%, driven by market stabilization and the expansion of its ecosystem, including new financial products [9]. - The company achieved a 58% revenue increase in 2024 and became profitable on a GAAP basis, largely due to interest rate cuts and an increase in Gold subscribers [10]. - For 2025, analysts expect Robinhood's revenue and adjusted EBITDA to rise by 26% and 41%, respectively, while GAAP EPS is projected to dip by 8% [11]. Investment Conclusion - PayPal is transitioning from a growth stock to a value stock, likely trading at a discount for the foreseeable future without significant catalysts [12]. - Robinhood has substantial growth potential as it continues to attract investors and expand its subscription services, making it a more compelling investment choice compared to PayPal [13].

As filed with the Securities and Exchange Commission on May 22, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SOLOWIN HOLDINGS (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's Name into English) Cayman Islands 6211 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Numbe ...