Robinhood Markets Inc on Tuesday launched a new debit card that would allow spare change investing as it looks to expand beyond trading and into more consumer finance verticals, heating up competition with fintech giants Chime and PayPal.
The company, known as a pioneer of commission-free trading, would also reward users of this feature with a weekly bonus, it said. The card is being offered by Robinhood Money, a new subsidiary of the online brokerage. "The younger generation is debit card-primary, so that is a primary focus," said Robinhood's Chief Product Officer Aparna Chennapragada, adding that the company was trying to capitalize on the consumer shift towards debit cards and digital spending.
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