Robinhood’s new bank card was revealed Tuesday, and although it’s solely accessible for Robinhood Gold members, the Gold Card does have a function that’s spurring headlines: the flexibility to take a position 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 of X1’s biggest features was the ability to invest cash-back benefits. Coincidence? Clearly not! Robinhood is hoping that bonus, plus a slew of different perks, together with the flexibility so as to add members of the family as cardholders, even when they’re younger or with no Social Safety quantity, can be sufficient to drag clients away from Apple’s pull.
However what provides with tech firms moving into the buyer credit score recreation? You might 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 firms increasing their product remit over time just isn’t new — hell, I wrote about it back in 2014 — nevertheless it’s notable to see how each day client finance is turning into a expertise story. Hit the clip, let’s chat!
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