Robinhood Collaborates With Gopuff for Cash Delivery Offering

Robinhood Markets, Inc. HOOD has entered into a tie-up with delivery startup Gopuff to allow users to withdraw cash from their brokerage accounts and get it delivered at their doorstep. This was reported by an article on MSN, citing a Wall Street Journal report.The delivery charges for the service will be $6.99 for retail clients and $2.99 for users having $100K in assets across Robinhood accounts.Details of Robinhood’s PartnershipThis idea was introduced by Vlad Tenev, CEO of Robinhood, in March, when he announced Robinhood Banking to bring private banking experience to Robinhood Gold members.Deepak Rao, vice president and general manager of Robinhood Money, told the Wall Street Journal that the cash delivery alternative could reduce the need for visiting banks or ATMs. “Everything gets delivered to their house, from burritos to medicine. Why not cash? Now imagine any reason you could ever think of for going to the bank.”Customers would need to verify their identity through a code to receive the delivery, rather than collecting it as a standard package delivery.This offering has been launched in New York, with San Francisco, Philadelphia, Washington and other major cities set to follow in the coming months. Clients need to subscribe to $5 monthly Robinhood Gold subscription to avail the services, and should have $1,000 minimum balance in monthly direct deposits into their Robinhood bank accounts.This move aligns with Robinhood’s push to become a one-stop shop for clients’ financial needs. The company has been diversifying its products to gain market share and improve profitability. Last month, it launched futures trading in the United Kingdom. In September, it rolled out Robinhood Ventures to expand retail access to the private market. Also, it introduced the “Asset Match” feature through TradePMR to expand into the registered investment adviser market. Additionally, it launched Robinhood Social, enabling a copy trading feature for investors.Robinhood’s Price Performance & Zacks RankHOOD shares have jumped 100.3%, outperforming the industry’s 23.3% growth in the past six months.Image Source: Zacks Investment ResearchCurrently, Robinhood sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Strategic Partnerships Pursued by Other Finance FirmsEarlier this week, State Street Corporation STT entered into a strategic co-operation agreement with Albilad Capital to support the latter’s securities services offerings in Saudi Arabia, reaching a milestone in its long-term investment and commitment to the Kingdom’s growing financial sector.The agreement aligns with Saudi Arabia’s Vision 2030, which focuses on creating a diversified and resilient economy underpinned by a modern financial infrastructure. By integrating State Street’s global product suite with Albilad Capital’s deep local expertise, the partnership aims to enhance operational efficiency, improve market competitiveness and accelerate the development of the Kingdom’s capital markets.Last month, BlackRock Inc.’s BLK Aladdin platform entered into a multi-year collaboration with OTCX, a leading regulated fintech, aiming to digitize dealer-to-client “voice” derivative trading and expand the option offerings for clients.This partnership seeks to address the industry’s long-standing dependence on manual, voice-based workflows in complicated derivatives. The BLK and OTCX collaboration will provide better choices for vanilla derivatives to clients for electronic trading.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BlackRock (BLK): Free Stock Analysis Report State Street Corporation (STT): Free Stock Analysis Report Robinhood Markets, Inc. (HOOD): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks