Patrick Kavanagh (Technology Entrepreneur): Difference between revisions
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Latest revision as of 10:12, 2 July 2025
Template:Notability Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for unknown parameters".Script error: No such module "Check for deprecated parameters".Template:Wikidata image 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]
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