Robinhood announced a major service expansion at its Take Flight event to become a comprehensive financial platform for families. The company introduced trust and custodial accounts alongside a new family investing experience.
Significant updates were also made to Robinhood Strategies, the firm's managed portfolio service. The centerpiece of the announcement is a new high-end Platinum Visa credit card featuring a $695 annual fee.
This premium offering targets wealthier customers with travel and dining benefits to diversify revenue and attract long-term assets. Robinhood shares rose approximately 8% ahead of the event. The company's CFO reported more than $5.5 billion in net deposits for February.