- Robinhood, SCB’s commission-free app, will shut down on July 31.
- Despite a 34% revenue increase, losses widened to 2.1 billion baht in 2023.
- SCB praised Robinhood’s role in mitigating challenges and creating jobs during the Covid-19 crisis.
A hero’s journey cut short
Robinhood, the commission-free application for on-demand food delivery, hotel booking, and other services, will cease operations on July 31, Siam Commercial Bank (SCB) announced on Tuesday.
SCB X Plc, the holding company for the bank and its affiliates, said that Robinhood had completed its mission to support merchants, riders, and small businesses throughout the Covid-19 pandemic.
The board of SCB X on Tuesday approved the decision to shutter the loss-making business run by the subsidiary Purple Ventures Co Ltd.
Robinhood’s legacy: a platform of kindness
Purple Ventures reported revenue of 724 million baht in 2023, up 34% year-on-year, but its loss widened to 2.1 billion baht from 1.9 billion the year before, as it continued to expand services while using subsidized pricing.
“In the span of four years, particularly during the peak of the Covid-19 crisis, the Robinhood application has played a pivotal role in mitigating the challenges faced by merchants and businesses in Bangkok, its surrounding metropolitan areas, and key tourist destinations,” SCB said in a statement.
The platform has been instrumental in creating jobs for tens of thousands of riders during difficult times, ensuring fair treatment and significantly enhancing their livelihoods.
