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Banking on discipline
To:Brew Readers
CFO Brew // Morning Brew // Update
Robinhood’s new CFO unpacks his top priorities.

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In this issue:

Super app dreams

Accounting firms & PE

Retirement and retention

Demi Lawrence, Alex Zank, Mikaela Cohen

CFOVILLE

A portrait of Shiv Verma, the Chief Financial Offier of Robinhood, a banking and finance platform

Shiv Verma

When brokerage and financial services platform Robinhood launched its IPO in 2021, Robinhood’s CFO Shiv Verma says the company had a lofty goal: “We want to be the financial super app.”

“To be honest, we didn’t know what that meant. We were still figuring it out, we were seeing ‘What does this actually mean? What do we want to do?’ Now, you can see the pieces coming together, and it’s focused and it’s disciplined,” Verma told CFO Brew.

Verma’s been at Robinhood since 2018, recently as its SVP of finance and strategy before his promotion to CFO earlier this year. He worked on several big projects along the way, including building the company’s treasury team.

He also joined Robinhood six weeks before now-former CFO Jason Warnick, whose mentorship helped Verma become the next in line for the finance chief role.

Verma’s got big ideas to help Robinhood achieve its super app dreams via its “North Star”: profitable growth. He also explained to CFO Brew how he plans to get there via a balanced investment strategy that keeps sights on the company’s long-term future.

This interview has been edited for length and clarity.

What are your priorities as Robinhood’s new CFO?

The first and foremost is just capital allocation…We spend a ton of time on, “How many developers do we have? Are they productive? Are we giving them the right tools? Are we shipping fast enough? Are we obsessing about speed and velocity?”

My second main priority is very similar to what Jason [Warnick] had: We need to keep growing. We are a growth company, and how do we enable the business to do that? There’s two ways you can do it: one is the meat and potatoes, and two is the frontier technologies. By meat and potatoes—we grew so fast, sometimes we forget we’re not even barely 10 years old, we just don’t even have all the asset types and account types. So we need [to] keep investing in the core business, but then also pushing the frontiers, on new products.

And Verma’s third main priority? Keep reading here.DL

Presented By Oracle NetSuite

STRATEGY

Private equity and firms

Illustration: Anna Kim, Photos: Getty Images

CPA firm consolidation is a runaway train, and private equity’s stuffing the engine with coal.

PE investment in accountancy has consequently led to a “dramatically higher number” of roll-up transactions over the last half decade, according to new global research from the International Federation of Accountants (IFAC), which notes the trend could “introduce challenges” like higher fees for services, while also creating “better resourced” accounting firms.

By IFAC’s count, fewer than 200 PE investments in accounting firms led to some 900 subsequent transactions in 2025. Those transactions were typically roll-ups of smaller firms into the larger, PE-backed firm.

Put another way, “each direct PE investment resulted in 7.6 additional transactions,” IFAC noted. This consolidation index, according to the report, “has increased four-fold since 2021.”

Keep reading.AZ

TALENT MANAGEMENT

Senior couple managing home finances

Morning Brew Design, Photo: Adobe Stock

More small businesses are getting their employees ready for their golden years.

Nearly one-third (30%) of US small businesses (those with between two and 99 employees) offered their employees a retirement plan in 2025, up from 19% in 2019, according to a recent report from payroll platform Gusto. That means 21.1 million small-business employees had access to an employer-sponsored retirement plan last year, up from 15.5 million six years prior.

“It’s always been considered kind of a big-company benefit, even though it is [one of the] most-requested benefits of all employers,” Kevin Busque, Gusto’s head of retirement, told HR Brew.

You get a retirement plan, you get a…Retirement plans have become an increasingly common benefit among small businesses for a couple of reasons, Aaron Terrazas, a Gusto economist, told HR Brew. Chiefly, many states require employers to offer employees a Roth Individual Retirement Account (IRA), he said.

Keep reading on HR Brew.MC

Together With S&P Global Market Intelligence

MARKET FORCES

market forces chart

Francis Scialabba

Today’s top finance reads.

Stat: 63,000. That’s how many US jobs private employers added in February, according to ADP data, with the health and education sectors making up most of the hires. (CNBC)

Quote: “We have no trust in the Americans and no intention of negotiating with the US.”—Mohammad Mokhber, a top adviser to Iran’s late Supreme Leader Ayatollah Ali Khamenei (Bloomberg)

Read: The chair of OpenAI revealed he likes to prepare for board meetings with written documents and said that writing without AI can help people think through things. Why does human brainpower and creative thinking suddenly sound so quaint? (Business Insider)

Boost your impact: Using AI alone isn’t enough to drive results. Learn to combine AI insights with soft skills like storytelling in OracleNetSuite’s Upskill Your Finance Team guide. Get your copy.*

*A message from our sponsor.

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