The investing app that decided Robinhood's gamification was a problem, not a feature. Public.com launched as a social investing platform where you could see what your friends were buying, learn from creators, and invest in stocks — all without the confetti animations and options gambling that made Robinhood controversial. They banned payment for order flow. They added Treasury bills yielding 5%+. They're trying to be the anti-Robinhood for people who want to invest, not trade. Whether that's a $300 million idea or a $30 billion one depends on whether boring can beat dopamine.
Founded
2019
HQ
New York, USA
Total Raised
$310 million
Founder
Jannick Malling, Leif Abraham
Status
Private
Website
public.comTHE ORIGIN STORY
Founded in 2019 by Jannick Malling (Danish) and Leif Abraham (German) — two European immigrants who thought American retail investing was broken. The app launched as a social investing platform where users could share their portfolios, follow other investors, and learn from financial creators.
The twist: Public banned payment for order flow (PFOF) from day one, which is how Robinhood makes most of its money. Public argued that selling order flow creates conflicts of interest.
Instead, they introduced an optional tipping feature where users could tip on trades. It was a bold, principled stance that got massive media attention.
WHAT THEY ACTUALLY DO
Public makes money through interest on cash deposits (their high-yield cash account), margin lending, securities lending, and premium subscription features. They explicitly do not use payment for order flow.
The platform offers stocks, ETFs, crypto, Treasury bills (their T-bill product was a breakout hit), and alternative assets. They also have a premium tier with advanced analytics and higher interest rates.
THE PRODUCTS
Social Investing — see what others are buying, follow investors, learn in context. High-Yield Cash — competitive rates rivaling high-yield savings accounts.
Treasury Bills — easy access to T-bills yielding 5%+. Stocks, ETFs, Crypto — commission-free trading across asset classes.
Alpha — premium analytics product.
HOW THEY GREW
Anti-Robinhood positioning. Public leaned hard into being the ethical alternative to Robinhood.
Banning PFOF was a PR masterstroke. They also attracted financial creators and influencers who brought their audiences.
The T-bill product (offering 5%+ yields when savings accounts paid 0.5%) was a massive growth driver in 2023-2024.
THE HARD PART
Competing with Robinhood's scale. Robinhood has 23 million+ accounts and massive brand recognition.
Public has to convince users that a more thoughtful investing experience is worth switching for. They also face the challenge that "social investing" as a concept hasn't proven to be a durable differentiator — most people don't actually want to share their portfolio publicly.
MONEY TRAIL
Series A
2019 · Led by Accel
$9M raised
Series B
2020 · Led by Accel
$15M raised
Series D
2021 · Led by Tiger Global
$220M raised
$1.2B valuation
Series E
2023 · Led by Accel
$65M raised
WHO BACKED THEM
Accel led the Series D. Other investors include Tiger Global, Lux Capital, Greycroft, Will Smith's Dreamers VC, and Tony Hawk (yes, that Tony Hawk).
The funding reflects a bet that there's a market for a more principled investing platform.
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