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Robinhood, the Menlo Park based company best known for popularizing commission-free trading — and the meme stock frenzy — entered the credit card space with its new Robinhood Gold Card.
The launch of a credit card comes less than a year after Robinhood’s $95MM cash acquisition of credit card company X1. We wrote a detailed piece on this last year; in summary, X1, the self-proclaimed “smartest credit card ever made” was a no-fee, rewards-based credit card offering a modern digital interface, innovative income-based underwriting, and user-friendly features such as easy subscription cancellations and single-use virtual cards. It was more “software app” than “card”.
The specifics of what Robinhood planned to do with the asset, particularly the benefits it would bring to the table, remained unknown. Based on the details that have been released so far, we think the excitement is justified. Some key highlights:
