Robinhood, a popular Fintech providing trading services, has now restored all of its services. According to a note from a Robinhood spokesperson, “instability tripped up its tech stack causing a day-long outage.
A Robinhood spokesperson distributed the following statement:
“On Monday, we experienced an issue with a part of our infrastructure that resulted in an outage, preventing customers from using our app, website, and help center. As of Monday night, Robinhood is back up and running. We’re testing through the night, and may observe some downtime as we prepare for Tuesday. We realize we let our customers down, and we’re committed to improving their experience.”
A Tweet from Robinhood sent at around 2AM said things were all back up and running:
Robinhood is currently back up and running. We’re testing through the night, and you may observe some downtime as we prepare for tomorrow.
— Robinhood Help (@AskRobinhood) March 3, 2020
Via Twitter, Robinhood added:
“When it comes to your money, issues like this are not acceptable. If you’re a customer, we’re sending you info on how to contact us so we can work with you directly to address your concerns.”
The customer response was mixed. At best.
No lie, I had 3/2 calls I thought were going to expire worthless and @RobinhoodApp took the hit and exercised them at Spy’s closing price to credit me the difference. Credit where it’s due. Hope anyone else that took a hit gets help too.
— Tom (@tomaszHS) March 3, 2020
This is just a nice way of saying, “tough luck on your thousands and thousands of losses.” Lmao 🤣
— Forward Slash (@dalton413) March 3, 2020
So what do we know about Robinhood fail?
On Monday, March 2, around 9:30 AM PT, Robinhood had instability in a part of their infrastructure that allows its systems to communicate with each other. This resulted in outages across many of the Robinhood services, preventing customers from using the app, website, and help center.
- This was not caused by a failure to code for Leap Year.
- The outage started on Monday, March 2 around 6:30 AM PT, and restored our services around 11 PM PT.
- Regarding compensation, Robinhood said they are reaching out to customers with information on how to contact them so the company can work with them on a case by case basis. This may include billing credits and/or other potential compensation.
- No customer data, funds or any other information was lost in the outage.
Robinhood has experienced super-fast growth. Fast enough to rattle the cages of ETrade, TD Ameritrade and crew. This unfortunate failure may dim its Fintech glow in the short term. Right now, it depends on how Robinhood manages the thousands of incensed customers.
