Commission-free and they will no longer accept payment. Tipping! Closely-held social investing company Public.com announced that it raised $220M at a post-money valuation of $1.2B. Public.com targets less experienced investors, and competes with Robinhood, E*Trade, Ameritrade, Schwab (NYSE:SCHW), Interactive Brokers (NASDAQ:IBKR), Fidelity, Webull and SoFi. E*Trade is owned by Morgan Stanley (NYSE:MS), Ameritrade is owned by Schwab, and SoFi is going public via a SPAC (SOFI). Earlier this month, Public.com announced that it would no longer accept payment for order flow, whereby brokerages are paid to route orders to market makers for trade execution. Public.com says that payment for order flow "creates a potential conflict of interest between brokerage and customer."
This right here will steal a chunk of Robinhood's marketshare because this is a big complaint of many of the Reddittards that used Robinhood's platform's complaint. Considering the current influx of "traders" (I use that term loosely here) had such a high opinion of Robinhood before the great GME caper it could work out quite well for them.