Shares of Webull soared nearly 375% on Monday, the second day on the market for the stock-trading app, which completed its merger last week with SK Growth Opportunities Corp., a special-purpose acquisition company (SPAC).

The rally gives Webull a market cap of almost $30 billion.

Webull competes with Robinhood, Charles Schwab and E-Trade. The app lets investors buy and sell shares and options in individual securities, exchange-traded funds and cryptocurrencies, and offers charts, watchlists, screening tools and paper trading.

The company says it has over 23 million registered users and operates in 15 regions globally. In addition to charging fees on trades, Webull has a premium tier with real-time data that costs $40 per year.

In an investor presentation last month, the company said it was expecting $390.2 million in 2024 revenue, which would be roughly flat from 2023.

Former Alibaba and Xiaomi manager Wang Anquan founded Webull in 2016, and he remains the company’s global CEO. Investors include Coatue, General Atlantic and Lightspeed. The app gained popularity during the Covid pandemic, as U.S. citizens used stimulus checks to invest, Anthony Denier, the company’s group president and U.S. CEO, told CNBC in 2021. Webull users are “much more intellectual” than Robinhood’s, Denier has said.

In November, the U.S. House Select Committee on the Chinese Communist Party sent a letter to Denier inquiring about the company’s ties to China. The company didn’t immediately respond to a request for comment.

The rise of blank-check companies such as SK Growth Opportunities peaked in 2021, with 613 IPOs completed, according to SPAC Insider. The market fell apart the following year as soaring inflation and rising interest rates pushed investors out of risky assets. So far this year there have been 23 SPAC IPOs.

Webull said last year that it was planning for its market debut to take place in the second half of 2024.

WATCH: House Committee slams Webull over alleged ties to Chinese Communist Party