Amid mounting losses, SCBX scaps the Robinhood application from July 31

The application has completed its mission of supporting merchants, riders, and small businesses throughout the Covid-19 pandemic, the company said.

The past five years of the Robinhood operations have shown increasing net losses: of 87 million baht in 2020; net loss surged to 1.335 billion baht in 2021; a net loss of 1.986 billion baht in 2022; and the highest net loss of 2.155 billion baht in 2023.

At the peak of the pandemic, the Robinhood application had played a pivotal role in mitigating the challenges faced by merchants and businesses in Bangkok, its surrounding metropolitan areas, and key tourist destinations. Robinhood supported these establishments until they could resume normal operations, the company said. 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. For customers, Robinhood has served as a mediator by providing a variety of choices at equitable prices, becoming a platform of kindness throughout the national emergency with full financial support from the SCBX Group, the company said.

With the Covid crisis behind us and businesses stabilising, Robinhood has decided to end its role, SCBX Group said, while thanking its customers and business partners for their support.
 
To ensure a smooth termination of services from the Robinhood application and minimise impact on customers, merchants, riders, drivers, and all stakeholders, the company statement made the following disclosures:

•        From July 31, 8pm onwards, customers will not be able to use the Robinhood application.

•        Merchants, riders, and drivers can use the Robinhood Shop, Robinhood Rider, and Robinhood Driver applications for transactions until 8pm July 31.

•        For further inquiries, contact the Robinhood Call Centre at 02-777-7564.