Siam Commercial Bank (SCB) has announced that the Robinhood application, known for its commission-free services in food delivery and hotel bookings, will terminate operations on July 31. The announcement was made following approval from SCB’s holding entity, SCB X Plc, as financial losses at the operating subsidiary Purple Ventures Co Ltd have continued to mount, despite a 34% increase in revenue to 724 million baht in 2023. Losses deepened to 2.1 billion baht, triggering the decision to shut down.
As part of SCB X’s broader strategy to refine its operations and boost returns for shareholders, the closure of Robinhood aligns with the group’s capital management goals. The bank reassured that the move would not hinder its ongoing efforts to position itself as a leader in the financial technology sector.
Gaining rapid popularity, especially in Bangkok, Robinhood attracted millions with its no-commission policy on key services such as food delivery while keeping fees for other services competitively low. Initiated during the peak of the COVID-19 crisis, Robinhood played a major role in supporting local businesses and merchants in the metropolitan and key tourist regions, helping them maintain operations through economically tough periods.
The platform facilitated employment for thousands of riders and offered consumers various affordable options. The Robinhood app will officially cease to function at 8 p.m. on July 31, although the dedicated Robinhood Shop, Robinhood Rider, and Robinhood Driver apps will remain active for transactions until the same time. (NNT)
