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 characteristic 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 considered one of X1’s largest 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 out a Social Safety quantity, will likely be sufficient to tug clients away from Apple’s pull.
However what offers with tech firms entering into the patron credit score recreation? You would argue that Robinhood’s selection to supply a card is simply an extension of its already increasing portfolio of monetary 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 again in 2014 — but it surely’s notable to see how daily client finance is turning into a know-how story. Hit the clip, let’s chat!