Patrick Kavanagh (Technology Entrepreneur)

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Patrick Ryan Grossmann-Kavanagh
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NationalityAmerican
Alma materUniversity of Washington
OccupationEntrepreneur
Known forFounder of Robinhood's crypto business, Co-founder of Atlantic Money

Patrick Ryan Grossmann-Kavanagh is an American entrepreneur known for founding the cryptocurrency business at Robinhood and co-founding Atlantic Money, a financial technology company.[1][2][3]

Early life and education

Kavanagh attended the University of Washington from 2006 to 2009, studying finance.[4][5] He served as a coxswain for the university's rowing team, which won the Intercollegiate Rowing Association National Championship in 2009.[6][7]

Career

Robinhood

From 2015 to 2020, Kavanagh founded and led Robinhood's cryptocurrency business.[1][3][5] Launched in February 2018, Robinhood Crypto initially offered Bitcoin and Ethereum trading in five states.[8][9] The platform rapidly expanded, offering commission-free 24/7 trading for various cryptocurrencies.[10][11] By December 2019, Robinhood had over 10 million user accounts across all services.[12][13] The crypto division significantly contributed to Robinhood's growth, with Q1 2024 Average Revenue Per User (ARPU) reaching $104, a 35% year-over-year increase.[14][15] In February 2024, Robinhood reported Crypto Notional Trading Volumes of $6.5 billion.[16][17]

Atlantic Money

In 2020, Kavanagh co-founded Atlantic Money with Neeraj Baid, another former Robinhood employee.[1][2][3] The company, incorporated in the United Kingdom, launched in 2022 and provides international money transfer services.[1][18][19][20] Atlantic Money's business model includes no foreign exchange markup and charges a flat fee of £3 per transfer for amounts up to £1,000,000.[21][20][22]

In its first year of operation, Atlantic Money reported several developments. The company raised $7.5 million in seed funding from notable backers including Vlad Tenev and Baiju Bhatt (Robinhood co-founders), Index Ventures, and Ribbit Capital.[1][2][3][23][24] It expanded its services to 29 European countries and the UK.[1][25][26] According to the company, its customer base includes students and high-net-worth individuals.[1][22][24] Atlantic Money operates in the international money transfer market, which includes established companies such as Wise and Revolut.[2][3][20]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "Ex-Robinhood employees raise $7.5m for new fintech". Sifted. 2022-03-03. Retrieved 2023-08-30.
  2. ↑ 2.0 2.1 2.2 2.3 Lunden, Ingrid (2022-03-03). "Atlantic Money, founded by ex-Robinhood employees, raises $3M seed to build 'the Robinhood for cross-border payments'". TechCrunch. Retrieved 2023-08-30.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 "Meet The Ex-Robinhood Employees Building The 'Robinhood For Cross-Border Payments'". Forbes. 2022-03-03. Retrieved 2023-08-30.
  4. ↑ "Patrick Kavanagh". University of Washington Athletics. Retrieved 2023-08-30.
  5. ↑ 5.0 5.1 "Patrick Kavanagh - LinkedIn Profile". LinkedIn. Retrieved 2023-08-30.
  6. ↑ "2009 IRA National Champions". University of Washington Athletics. Retrieved 2023-08-30.
  7. ↑ "Washington Men's Rowing Wins 2009 IRA National Championship". University of Washington Athletics. 2009-06-06. Retrieved 2023-08-30.
  8. ↑ "Robinhood Crypto Launches in 5 States, Plans to Add More Coins". CoinDesk. 2018-02-22. Retrieved 2024-08-30.
  9. ↑ "Robinhood Crypto is Here". Robinhood Blog. 2018-02-21. Retrieved 2023-08-30.
  10. ↑ "Robinhood Crypto". Robinhood. Retrieved 2023-08-30.
  11. ↑ "Robinhood Crypto Expands to More States". Robinhood Blog. 2018-10-02. Retrieved 2023-08-30.
  12. ↑ "Robinhood Reaches 10 Million Users". Robinhood Blog. 2019-12-04. Retrieved 2024-08-30.
  13. ↑ "Robinhood hits 10 million subscribers as stock-trading app rolls out cash-management accounts". CNBC. 2019-12-04. Retrieved 2023-08-30.
  14. ↑ "Robinhood Reports First Quarter 2024 Results". Robinhood Investor Relations. 2024-05-08. Retrieved 2024-08-30.
  15. ↑ "Robinhood Q1 2024 Earnings Analysis". Seeking Alpha. 2024-05-09. Retrieved 2024-08-30.
  16. ↑ "Robinhood Markets, Inc. Reports February 2024 Operating Data". Robinhood Investor Relations. 2024-03-13. Retrieved 2023-08-30.
  17. ↑ "Analysis of Robinhood's February 2024 Operating Data". The Motley Fool. 2024-03-14. Retrieved 2024-08-30.
  18. ↑ "ATLANTIC MONEY LIMITED Company number 12794742". Companies House. Retrieved 2023-08-30.
  19. ↑ "Atlantic Money launches in UK with £3 fixed fee". UKTN. 2022-07-21. Retrieved 2023-08-30.
  20. ↑ 20.0 20.1 20.2 "Atlantic Money launches international money transfer service in UK". FinTech Futures. 2022-07-22. Retrieved 2023-08-30.
  21. ↑ "Atlantic Money foreign exchange fintech startup aims to take on Wise". Business Insider. 2022-04-05. Retrieved 2023-08-30.
  22. ↑ 22.0 22.1 "Atlantic Money launches £3 flat-fee international money transfer service". Finextra. 2022-07-21. Retrieved 2023-08-30.
  23. ↑ "Exclusive: Money transfer fintech launches in London to take on Wise and PayPal". City A.M. 2022-07-21. Retrieved 2023-08-30.
  24. ↑ 24.0 24.1 "Atlantic Money Raises $7.5M to Challenge Cross-Border Payments Giants". PYMNTS.com. 2022-03-03. Retrieved 2023-08-30.
  25. ↑ "Atlantic Money Expands Flat Fee Offering". The Fintech Times. 2022-11-23. Retrieved 2023-08-30.
  26. ↑ "Atlantic Money expands to 29 European countries". FinTech Magazine. 2022-11-24. Retrieved 2023-08-30.

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