Financial Performance - Total net revenues increased by 45% year-over-year to $989 million [5] - Transaction-based revenues rose by 65% year-over-year to $539 million, driven by options revenue of $265 million (up 46%), cryptocurrencies revenue of $160 million (up 98%), and equities revenue of $66 million (up 65%) [5] - Net income increased by 105% year-over-year to $386 million [5] - Diluted earnings per share (EPS) doubled year-over-year to $0.42 [5] - Adjusted EBITDA increased by 82% year-over-year to $549 million [5] Customer Growth and Engagement - Funded customers increased by 2.3 million, or 10%, year-over-year to 26.5 million [5] - Investment accounts grew by 2.6 million, or 10%, year-over-year to 27.4 million [5] - Robinhood Gold subscribers reached a record 3.5 million, an increase of 1.5 million or 76% year-over-year [5][12] Market Expansion and Product Development - The company closed the acquisition of Bitstamp, enhancing its cryptocurrency offerings and institutional business [3][12] - Robinhood launched new crypto products and expanded into 30 European countries [12] - The company hosted its first product spotlight livestream in June 2025, introducing Robinhood Legend charts on mobile and options simulated returns pre-trade [4] Financial Outlook and Expenses - Total operating expenses increased by 12% year-over-year to $550 million [5] - Adjusted Operating Expenses and Share-Based Compensation (SBC) increased by 6% year-over-year to $522 million, including costs related to Bitstamp [5] - The updated expense outlook for 2025 is projected to be between $2.15 billion and $2.25 billion, including anticipated costs related to Bitstamp [11]

Investment Rating - The report does not explicitly provide an investment rating for the fintech industry or specific companies mentioned Core Insights - The fintech sector is experiencing significant growth, with notable M&A activities and funding rounds indicating robust investor interest and market expansion M&A / Fundraises - Revolut is set to acquire Banco Cetelem, a small bank in Argentina, for an undisclosed amount, marking its entry into South America's second-largest economy, with Cetelem's assets valued at $6.4 million [1] - Klar, a Mexican digital bank, achieved an $800 million valuation after raising $190 million in a Series C funding round, with plans to accelerate product development and target $500 million in annual revenue [2] - Natech Banking Solutions, a Greek banking technology platform, secured $33 million in Series B funding to support the launch of its digital bank, Snappi, and expand its Banking-as-a-Service initiatives [3] - Robinhood launched stock tokens for EU users, allowing them to trade US stocks indirectly, which led to a 13% increase in Robinhood's shares [7] - Erebor, a crypto-focused bank led by tech leaders including Peter Thiel, aims to serve startups in the US innovation economy and has applied for a national trust bank charter [8] - Circle submitted an application for a national trust charter to strengthen its USDC infrastructure, following the passage of the GENIUS Act [9][10] - Wise applied for a national trust bank charter in the US to access the Fed's payment network, aligning with its strategy to capture growth in the US market [12] Funding Trends - Global fintech funding reached approximately $24.2 billion year-to-date, with US fintechs leading at around $10.9 billion, followed by Europe at $5.6 billion, Asia at $3.6 billion, and Latin America at $1.3 billion [17][18][20][22][26]