(Bloomberg) — Robinhood Markets Inc., greatest identified for providing commission-free buying and selling, is rolling out a bank card to US customers because it appears to develop into a broader financial-services firm.Most Learn from BloombergThe Robinhood Gold Card, which can be supplied completely to members of the agency’s subscription-based Gold program, can have no annual value or foreign-transaction charges, in response to an announcement Tuesday. The cardboard presents 3% money again on all classes of buy, whereas rivals equivalent to JPMorgan Chase & Co.’s Chase Sapphire Reserve present such rewards for just some transactions.“Our objective is to enter this market in an enormous means,” Chief Govt Officer Vlad Tenev stated in an interview. “We don’t wish to simply roll out a bank card that our clients will undertake. We wish to roll out a product that may lead the business and transfer it ahead.”The corporate’s shares climbed as a lot as 6.6% Wednesday morning, and have been up 2.9% to $19.83 at 11:46 a.m. They’ve gained 56% this 12 months, outpacing the 9.1% advance for the Russell 1000 Index.Robinhood is increasing its choices past the retail-brokerage providers that made the corporate a family identify. Early final 12 months, the Menlo Park, California-based agency introduced a retirement product. Clients had opened about 500,000 Robinhood retirement accounts by the top of final 12 months, with deposits reaching $1.7 billion. They’d practically doubled to greater than $3 billion by February, Tenev stated within the interview.“There’s an ecosystem profit to having all their funds in a single place — not only for the shoppers, however for Robinhood the enterprise — and we predict that can speed up with the bank card,” Tenev stated in a separate Bloomberg Tv interview Wednesday. “Regardless that we’re rising shortly, there’s simply lots of room to run and lots of market share available, and now we have been taking market share, not simply on the buying and selling facet, but in addition on the asset facet.”Story continuesRobinhood final 12 months purchased credit-card issuer X1 Inc. for about $95 million, and agency co-founder Deepak Rao grew to become normal supervisor of bank cards for Robinhood, overseeing the Gold Card roll-out.Clients will have the ability to entry card providers by a brand new app separate from the Robinhood buying and selling platform. Additionally they will have the ability to create digital playing cards with disposable numbers for privateness, and add as many as 5 members of the family to an account. By way of a referral program, some clients will have the ability to get a card created from 10-karat gold.“The objective is for all of our clients to carry all of their belongings in Robinhood, and for all of their transactions to undergo it,” Tenev stated.Because it appears to enterprise past its US buying and selling focus, Robinhood additionally not too long ago prolonged its zero-fee brokerage providers to clients outdoors the nation. The corporate final week made commission-free buying and selling accessible all through the UK, and is trying to supply further options together with choices buying and selling and margin investing. The margin-lending effort is on maintain pending discussions with UK regulators.Learn Extra: Robinhood Rolls Out App in UK, Pauses Margin Lending PlanIn Tuesday’s announcement, the agency additionally stated it can supply Robinhood Gold members a 1% limitless enhance on all incoming brokerage deposits beginning in early Might to shore up buying and selling demand, which soared amongst particular person traders when Covid-19 lockdowns stored them residence through the early days of the pandemic.(Updates with share value in fourth paragraph, CEO remark in sixth.)Most Learn from Bloomberg Businessweek©2024 Bloomberg L.P.