In this episode, Jack is joined by Shiv Verma, CFO of Robinhood. They discuss Robinhood’s evolution from commission-free brokerage to a financial super app and the revenue streams supporting equities, options, crypto, interest income, and subscriptions. Verma explains why net deposits serve as the company’s North Star and how finance evaluates customer pain points, unit economics, scalability, and returns before funding products.
The conversation also covers M&A, zero-coupon convertible financing, AI tools for customer service and finance insights, and the 2022 reset that moved Robinhood to a GM model. Verma shares how the financial crisis shaped his approach to risk, why the best trade can be the one not made, and how he balances controllership with business enablement.