Robinhood’s new bank card was revealed Tuesday, and although it’s solely out there for Robinhood Gold members, the Gold Card does have a function that’s spurring headlines: the flexibility to speculate cash-back bonuses into investments.
The announcement comes eight months after the acquisition of the startup X1 for $95 million, and it simply so occurs one in all X1’s greatest options was the flexibility to speculate cash-back advantages. Coincidence? Clearly not! Robinhood is hoping that bonus, plus a slew of different perks, together with the flexibility so as to add relations as cardholders, even when they’re younger or with no Social Safety quantity, shall be sufficient to drag prospects away from Apple’s pull.
However what offers with tech corporations stepping into the buyer credit score recreation? You may argue that Robinhood’s alternative to supply a card is simply an extension of its already increasing portfolio of economic merchandise. However Apple additionally has a card, recall. And the tech big is getting deeper into the realm of private finance as time goes alongside.
Tech corporations increasing their product remit over time is just not new — hell, I wrote about it again in 2014 — however it’s notable to see how each day shopper finance is turning into a expertise story. Hit the clip, let’s chat!
