Robinhood Markets Inc HOOD announced its intent to launch a spending account functionality and new cash card with embedded rewards.
The development comes as the California-based company looks to fuel positive trends in saving and investing; after its 2013 launch as a brokerage, in accordance with founders Vlad Tenev and Baiju Bhatt’s vision to democratize finance, Robinhood pivoted to all things financial wellness.
Customers have access to all the tools they need to learn and stay informed, as well as trade fractionally stocks, options, ETFs, cryptocurrencies and IPOs.
Additionally, users can earn interest and spend their uninvested funds through a Mastercard-backed debit card accessible at more ATMs than the top three banks combined.
Monday's announcement piggybacks on the firms’ cash and spend management capabilities.
Mainly, through a subsidiary, Robinhood will offer free access to a new spending account and Cash Card. Users will earn cash back, as well as have the ability to automatically invest spare change and claim early paycheck deposits.
Click here to learn more about how Robinhood democratized finance for investors outside of the wealthiest 1%.
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