In less than two years since its launch, US neo-broker Robinhood (NASDAQ:HOOD) has grown its Robinhood retirement product to $10 billion in assets in approximately 1 million funded retirement accounts. announced that it had reached a milestone.
Robinhood launched Robinhood Retirement in January 2023 with the goal of making investing for the future easily accessible to everyone. Robinhood introduces the first IRA with matching. We’ve democratized access to retirement by providing a match that doesn’t require a traditional employer. Since then, the company said it has provided more than $200 million to customers in matching retirement account transfers and contributions.
Funds that earn a match in your Robinhood IRA must remain in your account for at least five years to avoid potential early IRA match removal fees.
This latest update continues a string of good news for Robinhood, with the company’s stock continuing to rise in 2024, more than doubling this year (+107%) and sitting near its 52-week high of $25.65. are. In the most recent quarter (Q2 2024), Robinhood set both revenue and profit records due to higher interest income and increased customer crypto trading.
Robinhood’s stock price since the beginning of 2024. Source: Google Finance.
