Webull Corporation is a holding company incorporated in the Cayman Islands and headquartered in New York. Its subsidiaries operate an

electronic trading platform In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...

, accessible via

mobile app A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on d ...

and desktop computer, offering commission-free and low-cost trading of

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

s, exchange traded funds, options,

margins Margin may refer to: Physical or graphical edges *Margin (typography), the white space that surrounds the content of a page *Continental margin, the zone of the ocean floor that separates the thin oceanic crust from thick continental crust *Leaf ...

, and

cryptocurrencies A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank A bank is a financial i ...

. Its U.S.-based subsidiary, Webull Financial LLC, is a security broker registered with the

U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

and a member of

FINRA The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ...

and

SIPC The Securities Investor Protection Corporation (SIPC ) is a federally mandated, non-profit, member-funded, United States corporation created under the Securities Investor Protection Act (SIPA) of 1970 that mandates membership of most US-registere ...

, offering trading services to customers in the U.S. It also has licensed subsidiaries offering trading services in Hong Kong and Singapore. Webull Corporation has received backing from

private equity investors In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

in the U.S., Europe and China.

History

On May 24, 2017, Webull Financial LLC was established as a

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

limited liability company A limited liability company (LLC for short) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a ...

by Wang Anquan, a former employee of Alibaba Group. A year later, in May 2018, the company released its

for

iOS iOS (formerly iPhone OS) is a mobile operating system created and developed by Apple Inc. exclusively for its hardware. It is the operating system that powers many of the company's mobile devices, including the iPhone; the term also includes ...

and

Android Android may refer to: Science and technology * Android (robot), a humanoid robot or synthetic organism designed to imitate a human * Android (operating system), Google's mobile operating system ** Bugdroid, a Google mascot sometimes referred to ...

. In May 2020, the company received SEC approval to launch a

robo-advisor Robo-advisors or robo-advisers are a class of financial adviser that provide financial advice and investment management online with moderate to minimal human intervention. They provide digital financial advice based on mathematical rules or algorith ...

on its platform. By August 2020, the platform had over 11 million

registered users A registered user is a user of a website, program, or other systems who has previously ''registered.'' Registered users normally provide some sort of credentials (such as a username or e-mail address, and a password) to the system in order t ...

, and in October 2020, it had 750,000

daily active users Active users is a measurement metric that is commonly used to measure the level of engagement for a particular product or object, by quantifying the number of active interactions from visitors within a relevant range of time (daily, weekly and m ...

. In November 2020, Webull began supporting

cryptocurrency A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It i ...

transactions. On January 28, 2021, Webull halted buy orders for stocks affected by the

GameStop short squeeze In January 2021, a short squeeze of the stock of the American video game retailer GameStop () and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 ...

, but reversed course and allowed buy orders starting at 2:35pm that day. On that day, Webull recorded its highest ever number of active daily users at 952,000. That week, approximately 1.2 million people downloaded the Webull

. In June 2021, Webull began talks of an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

to raise up to $400 million. In September 2021, The Brooklyn Nets and

New York Liberty The New York Liberty are an American professional basketball team based in the New York City borough of Brooklyn. The Liberty compete in the Women's National Basketball Association (WNBA) as part of the league's Eastern Conference. The team was f ...

entered into a global multi-year agreement with Webull and the company became the official jersey patch partner for the Nets. Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told

CNBC CNBC (formerly Consumer News and Business Channel) is an American basic cable business news channel. It provides business news programming on weekdays from 5:00 a.m. to 7:00 p.m., Eastern Time, while broadcasting talk sho ...

that it is a multiyear pact that pays the Nets roughly $30 million per year.

References

{{Xiaomi Financial services companies established in 2017 Online financial services companies of the United States Online brokerages Companies based in Manhattan Mobile applications Xiaomi