Robinhood Zero-Commission (Friction Removal for First-Time Investors)

Confidence: Working. Focus on fee friction removal; avoid gamification claims; verify “first brokerage” % with primary sources.

Fit narrative (Problem → Behavior → Solution → Product)

• Problem Market Fit: Per-trade fees and minimums deterred small-balance, first-time investors.
• Behavior Market Fit: Zero-commission trades align with episodic, small-dollar behaviors.
• Solution Market Fit: Mobile-first flow and no-fee model reduced TTFB to minutes post-KYC.
• Product Market Fit: Large user growth; industry follows with fee eliminations in 2019.

Behavior metrics (window/denominator stated)

• Window: 2013–2019; Denominator: funded customers.
• New users: Significant funded account growth (verify from S‑1 or earnings).
• First-time investors: % as reported (attach primary or mark illustrative).

Solution enablement (environment/process)

• Removed fee friction; simplified onboarding; mobile KYC.

Limitations/confounders

• Market cycles; competitive responses; regulatory environment.

Sources

• S‑1 filings, industry analyses.
• Evidence Ledger: BS-0014.