Minute: Robinhood’s financial institution card has arrived to deal with Apple and any upcoming challengers

Robinhood’s new financial institution card was revealed Tuesday, and though it’s solely accessible for Robinhood Gold members, the Gold Card does have a perform that’s spurring headlines: the flexibleness to take a place cash-back bonuses into investments.

The announcement comes eight months after the acquisition of the startup X1 for $95 million, and it just so happens 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 various perks, along with the flexibleness in order so as to add family members as cardholders, even after they’re youthful or with no Social Security amount, will be ample to pull shoppers away from Apple’s pull.

Nevertheless what offers with tech companies shifting into the customer credit score rating recreation? You would possibly argue that Robinhood’s various to produce a card is just an extension of its already growing portfolio of financial merchandise. Nevertheless Apple moreover has a card, recall. And the tech large is getting deeper into the realm of personal finance as time goes alongside.

Tech companies growing their product remit over time simply isn’t new — hell, I wrote about it back in 2014 — nonetheless it’s notable to see how every day consumer finance is popping right into a experience story. Hit the clip, let’s chat!