Robinhood Boosts Gold Subscription with New Features

Expanded Offerings Roll Out

Now, it’s adding Robinhood Strategies, a wealth management tool dishing out curated ETF portfolios and stock mixes for a 0.25% annual fee, capped at $250. CEO Vlad Tenev sees this as a big play to lock in customers and grow revenue.

The upgrades don’t stop there. Robinhood Banking joins the Gold perks, offering private banking services like tax advice and estate planning tools. Down the line, subscribers might score exclusive extras, private flights, five-star hotel stays, Coachella tickets, and even cash delivered to their door, plus 4% on savings accounts.

Tenev’s betting this beefed-up package keeps Robinhood top-of-mind, much like Amazon Prime or Costco’s membership pull. “Loyalty’s gold in finance—it’s about wallet share,” he said at a recent investor call.

Numbers back the push. Gold subscribers jumped from 1.5 million a year ago to 3.2 million now, per Tenev, raking in at least $100 million yearly, a “nine-figure business.” The goal’s clear: make the $5 fee feel like a steal, driving users to stick around and spend more.

Strategy Shift and Market Play

Tenev’s eyeing loyalty as Robinhood’s future, taking cues from Amazon’s 200 million Prime members and Costco’s 70 million cardholders, per 2024 stats. Both keep customers hooked by stacking value; Robinhood wants that vibe. Strategies give Gold users pre-built investment options, while Banking adds a personal finance edge.

The timing fits. Robinhood’s core trading app, with 11 million monthly active users in Q4 2024, per company data, already handles commission-free trades.

Gold’s growth, doubling subscribers in a year, shows it’s catching on, especially after launching prediction markets in March, which hit $200 million in volume. Tenev’s banking on subscriptions to turn casual users into die-hards, boosting what he calls “share of wallet” in a crowded finance field.