Finance

Robinhood is taking on Bank of America, Citigroup, and JPMorgan

Published

9 months ago

March 27, 2025

Robinhood is taking on Bank of America, Citigroup, and JPMorgan

Robinhood (HOOD) is going after the big banks and their ATMs for deposits.

The trading platform turned quasi-bank and wealth manager unveiled two new products that will compete for business with America’s largest legacy banks, including JPMorgan (JPM), Citigroup (C), and Bank of America (BAC).

Robinhood Banking will provide access to traditional checking and savings accounts with an annual percentage yield of 4%, provided one is a member of the platform’s Gold service. FDIC insurance is on offer from Robinhood’s tie-up with Coastal Community Bank.

Read more: 10 best high-yield online checking accounts for March 2025 (up to 7.00% APY)

Furthermore, the company is promising to deliver “cash to your door” through an app similar to Uber’s (UBER) if you are a banking customer.

Robinhood co-founder and CEO Vlad Tenev told Yahoo Finance that the company wants to be a one-stop destination for people to manage their wealth (see video above).

He added that there is demand for home cash delivery as people try to avoid various ATM crimes, “especially in San Francisco.” Instead, a person’s cash will show up at their house in a large nondescript envelope, Tenev said.

Robinhood CEO Vlad Tenev said the company is now offering a service that delivers cash to your home in a large nondescript envelope. · SDI Productions via Getty Images

Tenev didn’t rule out exploring a bank charter down the line. The company originally explored the idea of one in 2019 but deemed it too costly.

Robinhood Strategies will serve as a wealth management service with a 0.25% annual fee, capped at $250, for its premium Gold subscribers. Users with as little as $50 can access portfolios with exchange-traded funds (ETFs) managed by the company’s investment experts, or what it calls a “private banker.” For a $500 minimum, investors will unlock access to individual stocks in the portfolios.

Read more: Robinhood Gold Credit Card review: 3% cash back for investors

Tenev and Robinhood have continued their breakneck pace of new products from last year.

Earlier this month, the company debuted a prediction markets hub in its app. The contracts allow users to wager on everything from what the fed funds rate could be in May to NCAA tournament games.

In October 2024, the company launched event contracts for the presidential election. Customers of the platform were able to trade on “who will win the 2024 presidential election.”

The platform provider also debuted futures and index options trading.

Robinhood revealed new banking products Thursday. (Robinhood)

And it has since released Robinhood Legend, billed as a sleeker platform that targets more sophisticated traders.

Robinhood Legend allows users to open up to eight charts in a single window, and it could elevate various technical indicators such as Bollinger Bands.

Related Topics:Bank of America Citigroup Robinhood

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Finance

Mis-Sold Car Finance Explained: What UK Drivers Should Know

Published

12 hours ago

January 6, 2026

Press Room

Car finance is now one of the most popular ways in which drivers purchase their vehicles in the UK. RICHMOND PARK, BOURNEMOUTH / ACCESS Newswire / January 5, 2026 / In particular, Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements …

Finance

Solaris Names Steffen Jentsch to Lead Embedded Finance Platform | PYMNTS.com

Published

24 hours ago

January 5, 2026

Press Room

Solaris Names Steffen Jentsch to Lead Embedded Finance Platform | PYMNTS.com

Carsten Höltkemeyer, the firm’s CEO, stepped down at the end of 2025, the company said in its announcement last week. Steffen Jentsch, chief information officer and chief process officer for FinTech flatexDEGIRO AG, will take his place.

“Jentsch brings a proven track record in scaling digital financial platforms, along with deep expertise in regulatory transformation and digital banking solutions,” the announcement said.

Höltkemeyer is set to stay on in an advisory role. The announcement adds that Ansgar Finken, chief risk officer and head of its finance and technology area, is also stepping down, but will remain on in an advisory capacity.

Finken will be succeeded by Matthias Heinrich, former chief risk officer and member of flatexDEGIRO Bank AG’s executive board.

“I’m truly excited to join Solaris and lead the next chapter — one defined by durable growth built on regulatory strength and commercial execution,” Jentsch said.

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“Digital B2B2C platforms thrive when cutting-edge technology, cloud-native infrastructure, and strong compliance frameworks work seamlessly together. Solaris has been a first mover in embedded finance and has helped shape the market across Europe.”

The release notes that the leadership change follows SBI’s acquisition of a majority stake in Solaris as part of the 140 million euro ($164 million) Series G funding round last February.

The news follows a year in which embedded finance “moved from consumer convenience to business as usual,” as PYMNTS wrote last week.

During 2025, embedded payments, lending and B2B finance all demonstrated clear signs of maturity — especially when tied to specific verticals and workflows instead of being deployed as generic platforms. The most successful implementations were almost invisible, woven directly into the systems where users already worked, the report added.

“The embedded finance revolution that transformed consumer payments is now reshaping B2 commerce — with far greater stakes,” Sandy Weil, chief revenue officer at Galileo, said in an interview with PYMNTS.

“In 2025, businesses are embedding working capital, virtual cards and automated workflows directly into their platforms, turning financial operations into growth engines.”

It was a year in which “buy, don’t build” became the overriding philosophy, the report added. Research by PYMNTS Intelligence in conjunction with Galileo and WEX spotlighted the way institutions prioritized speed and specialization over ownership, “outsourcing embedded capabilities rather than developing them internally.”