The Webull brokerage app sees “a surge in deposits” when stimulus checks are introduced, says the CEO

Anthony Denier, CEO of Webull, told CNBC on Friday that the brokerage app’s activity has been picking up since the last round of stimulus checks on Americans.

“We have certainly seen an increase in deposits,” Denier said in an interview on Closing Bell.

“The activity that we saw throughout the stimulus download over the past week and a half has definitely increased significantly,” he said.

The Internal Revenue Service started processing the direct payments a week ago and millions of people have already received the funds.

Data has shown that some money from previous rounds of pandemic stimulus checks made it to the stock market. Many suggested that a similar event would happen with the latest batch, which was part of a $ 1.9 trillion aid package that President Joe Biden signed into law earlier this month.

In this photo illustration, the Webull Financial logo is displayed on a smartphone screen.

Rafael Henrique | SOPA Pictures | LightRocket | Getty Images

The Covid Relief Act, championed by the Democrats, was passed by both chambers of Congress without Republican support. Many GOP lawmakers felt that the legislation was too expensive and too comprehensive, saying that any additional help at this stage of the pandemic should be more focused on Americans and businesses most in need.

Denier’s comments on Friday provide insight into the use of money by some stimulus check recipients. However, the executive warned it was too early to say how the surge in deposits will affect the stock market.

“It remains to be seen how these types of games work, but it has certainly increased the tide for all ships in the brokerage industry. Absolutely,” he said.

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