By Ranjeet
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The financial technology company has announced that it will match one percent of employee retirement account contributions.
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Robinhood has "been thinking about what a retirement product could be for a while," Tenev said, so this new option is typical of the firm's efforts to diversify its offerings.
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To accommodate clients throughout their financial development. Like the introduction of stock financing and a cash card earlier this year.
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After a tumultuous year for its stock and overall performance, it's hardly surprising that the retail investment giant wants to diversify.
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The share price of Robinhood has fluctuated a lot in the past year. Stocks hit a 52-week high of $23.74 on November 20 and concluded the day down 3.2% at $9.67 on December 5.
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Account maintenance is free on Robinhood, and retirement accounts will have "zero commissions or account minimums" although "other costs may apply."
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The primary investment account and retirement account can be accessed using the same user ID and password.
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Robinhood has been the subject of lawsuits and criticism for not educating its customers about the risks inherent in the financial transactions they engage in.
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The goal is to have the vast majority of consumers signed up by the end of January so that anyone interested in making a gift can do so before the February 15th tax deadline.
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Robinhood claims that consumers, once signed up, would be able to invest in stocks and ETFs using either a standard or Roth IRA.
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