Robinhood Looks to Offer Banking Products
Robinhood, the popular mobile trading app, is reportedly in looking to offer customers banking services, including savings accounts.
According to a breaking report by Bloomberg that cites individuals familiar with the situation, Robinhood is in early discussions with regulators to begin offering banking-like products. These products could be made possible either through the acquisition of different licenses or partnering with a banking partner.
Insiders share that Robinhood has met with the Office of the Comptroller of the Currency, which regulatory group responsible for all national banks and federal savings associations.
This latest move follows a growing trend of fintech companies adding banking options to their product offerings. Recently, Robinhood competitors Coinbase and Circle announced their intentions to pursue federal banking and brokerage licenses.
Last month, Robinhood closed a Series D financing round led by DST Global, raising $363 million at a $5.6 billion valuation. In the accompanying announcement, Robinhood noted that the newly injected capital will be used to further build out the company’s trading platform.
Robinhood officials have not yet confirmed the validity of the report.