Robinhood, Moving Beyond Meme Stocks, Wants to Be Your Bank
Robinhood plans to roll out checking and savings accounts.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Robinhood Markets Inc. has moved past its meme-stock days to become known as the go-to trading platform for retail investors of all stripes – crypto zealots, novice financiers and sophisticated speculators alike. Now it’s taking it a step further: It also wants to be your bank.
Robinhood will roll out checking and savings accounts later this year to its paying “Gold” subscribers, but with a few twists. The Menlo Park, California-based firm aims to be less of a traditional bank for its customers and more of a private banking-like experience, according to Deepak Rao, vice president and general manager of Robinhood Money.