Robinhood unveiled striking growth figures on 1 July in the paperwork for its long-awaited initial public offering — and a long list of growing pains.

The stock-trading app counted 18 million users with funded accounts at the end of March, more than double a year earlier. Revenue in the first quarter of 2021 more than quadrupled to $522m. The daily average number of cryptocurrency trades on Robinhood expanded by a factor of 14, and net value of cryptocurrencies held in Robinhood users’ accounts rose to $11.6bn from $481m.