Robinhood Fires Up Rivalry With PayPal and Other Fintech With Latest Launch

Robinhood Markets Inc's HOOD Robinhood Money launched a new debit card to allow spare change investing, Reuters reports.
Consumer finance apps like Chime and Acorns Grow Inc allowed spare change investing that lets users invest small amounts of money, which is very popular among younger users.
Now Robinhood users could round up their change to the nearest dollar and invest it in assets of their choice with the new cash card.
Robinhood would also offer a weekly bonus and separate accounts for investing and spending.
The Robinhood users can receive paychecks up to two days in advance, via direct deposit, a feature similar to PayPal Holdings Inc PYPL.
The Robinhood users could also automatically invest a portion of their paychecks. The new features would be free of charge.
Robinhood looked to capitalize on the consumer shift towards debit cards and digital spending by the move.
Price Action: HOOD shares traded higher by 2.57% at $13.39 on the last check Tuesday.