Siam Commercial Bank (SCB) has announced that its Robinhood application, known for commission-free food delivery and hotel booking services, will cease operations on July 31. The decision, approved by SCB’s holding company SCB X Plc, comes after sustained financial losses at its subsidiary Purple Ventures Co Ltd, despite a 34% increase in revenue to 724 million baht in 2023. Losses widened to 2.1 billion baht, prompting the closure.
The termination of Robinhood is part of SCB X’s strategy to streamline operations and enhance shareholder returns. SCB emphasized that the shutdown will not impact its broader ambitions to establish leadership in the financial technology sector.
Robinhood quickly gained traction, particularly in Bangkok, by attracting millions of users with its no-commission policy on food delivery and low fees for other services. Launched during the peak of the COVID-19 pandemic, Robinhood significantly supported local businesses and merchants in metropolitan and key tourist areas, enabling them to stay afloat during challenging economic times.
The platform also created employment opportunities for thousands of riders and provided consumers with a variety of affordable service options. The Robinhood app will officially stop functioning at 8 p.m. on July 31. However, the Robinhood Shop, Robinhood Rider, and Robinhood Driver apps will remain operational for transactions until the same time.
The announcement, which was made after careful consideration, included details on the attendance of SCB X Plc officials and key stakeholders.
