Robinhood Markets’ banking unit has secured $1 billion in deposits since launching in November. CEO Vlad Tenev announced the milestone involves 65,000 funded customers. Coastal Community Bank provides the infrastructure for these banking services.
The unit's growth supports Robinhood’s strategy to diversify beyond its core trading application. The company is transitioning into a comprehensive financial services provider. This development follows the recent launch of a high-tier credit card to expand the product ecosystem.