The favorable market environment has benefited many businesses. Just look at Robinhood Markets (NASDAQ: HOOD). As of Friday, its shares have risen more than 40% year to date.

But zoom out and it's a totally different picture. The fintech stock is currently trading about 70% below its all-time high. Clearly, a lot will need to go right for Robinhood for its market cap to get back to its high-water mark.

Investors who might be eyeing this beaten-down growth stock as a way to ride the recent momentum will want to understand more about Robinhood's business model. You might be surprised at how the company makes a significant chunk of its revenue.

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Source Fool.com