Robinhood rolls out joint investing accounts that let users manage investments with their partners

Popular trading app Robinhood recently introduced joint investing accounts. The new type of account will allow users to manage investments together with their partners while consolidating their shared assets.

Robinhood introduces joint investment accouts

The new product is part of Robinhood’s strategy to diversify its product range. Apart from joint investment accounts, the app’s previous efforts to offer more diverse products included the launch of a debit card, which happened two years ago. Back then, Robinhood explained that it wanted to allow users to invest their spare change, and the product was fairly well received.

Now, however, the joint accounts will make investing a more collaborative effort for families and partners. They will be able to share access to combined funds, and amplify their investment power toward joint financial goals.

Not only that, but the new feature also offers Gold benefits which come at no extra cost. That includes a 1% deposit boost and 5% APY on cash that goes uninvested.

Commenting on the decision, Robinhood’s Chief Brokerage Officer, Steve Quirk, said that the firm and its team understand that investing is often a family endeavor. “With joint accounts, we are empowering families and loved ones to achieve their financial goals together, reinforcing our dedication to long-term financial success.”

Customers will now be able to easily switch from individual investment to the joint account, as all it takes to perform the switch is a single tap. He added that existing users can create joint accounts with their partners and manage investments or transfer the money with full involvement in making financial decisions.

Robinhood seeks to diversify its offering to combat market volatility

Robinhood’s new expansion came relatively soon after the company acquired a fintech startup known as X1 Inc. The acquisition ended up costing Robinhood $95 million, and the goal was for the app to establish itself as an all-in-one financial services provider.

With a sudden and quite noticeable rise in digital banking and fintech firms’ popularity, Robinhood seeks to diversify its operations and services as much as possible. Not only is it expected to bring in new customers, but it could also give the company a buffer against market fluctuations, which also became highly noticeable after the retreat of retail investors.

The trading platform’s plan worked, and its user base saw considerable growth. The number of funded accounts went up by 810,000 year-over-year, hitting 23.9 million. Meanwhile, the company’s assets under management also increased 65%, from last year’s $129.6 billion.