Mentioned:
Robinhood wants to change how their users get physical cash. And they’re rolling out a new pilot project in New York City to do it.
What’s happening:
- Robinhood (NASDAQ: HOOD) has officially launched Cash Express to deliver cash to Robinhood users on demand
Why it matters:
- This is the first time ever that Robinhood has ever enabled users to withdraw cash from their accounts and have it directly delivered to them
Going deeper:
- Robinhood has partnered with instant delivery company Gopuff to physically secure the cash and deliver it to Robinhood users
- Gopuff will bring the cash in a sealed bag and then request a required verification code for security purposes prior to completing the delivery
The fine print:
- The new Cash Express feature is currently only available to Robinhood Gold users and is initially only available in New York City
The intrigue:
- Robinhood has been aggressively making moves into new business ventures lately, including both real estate lending and launching a new fund for retail investors to be able to get access to private startups
