Robinhood hits $10B in IRA retirement assets in under two years
Less than two years after being launched, US neobroker Robinhood (NASDAQ:HOOD) has announced that its Robinhood Retirement product has now reached the milestone of $10 billion in Assets Under Custody, across nearly one million funded retirement accounts.
Robinhood launched Robinhood Retirement in January 2023 with the goal of making investing for the future easy and accessible for all. Robinhood introduced the first IRA with a match – democratizing access to retirement by offering a match that does not require a traditional employer. Since then, the company said it has provided customers with over $200 million in matches on retirement account transfers and contributions.
Funds that earn a match in a Robinhood IRA must be kept in the account for at least five years, to avoid a potential Early IRA Match Removal Fee.
The update continues a string of good news at Robinhood, which has seen its shares continue to climb in 2024, more than doubling this year (+107%) and sitting near its 52-week high at $25.65. In its most recent quarter (Q2-2024) Robinhood set both Revenue and Profit records, driven by rising Interest Income and increased client Crypto Trading.
Robinhood share price 2024 year-to-date. Source: Google Finance.