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Benzinga
Benzinga
Business
Anusuya Lahiri

Robinhood Fires Up Rivalry With PayPal and Other Fintech With Latest Launch

HOOD Robinhood Nasdaq Chime PayPal Holdings Inc
  • Robinhood Markets Inc's (NASDAQ:HOOD) Robinhood Money launched a new debit card to allow spare change investing, Reuters reports.
  • Consumer finance apps like Chime and Acorns Grow Inc allowed spare change investing that lets users invest small amounts of money, which is very popular among younger users.
  • Now Robinhood users could round up their change to the nearest dollar and invest it in assets of their choice with the new cash card. 
  • Robinhood would also offer a weekly bonus and separate accounts for investing and spending.
  • The Robinhood users can receive paychecks up to two days in advance, via direct deposit, a feature similar to PayPal Holdings Inc (NASDAQ:PYPL).
  • The Robinhood users could also automatically invest a portion of their paychecks. The new features would be free of charge.
  • Robinhood looked to capitalize on the consumer shift towards debit cards and digital spending by the move.
  • Price Action: HOOD shares traded higher by 2.57% at $13.39 on the last check Tuesday.
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