US neobroker Robinhood (NASDAQ:HOOD), fresh off its recent launch of Sports Betting event contracts, has announced that it is sponsoring the Michael Jordan-Denny Hamlin NASCAR team 23XI Racing (23XI), marking its official entry into the world of motorsports. Robinhood said that this collaboration brings together two brands driven by innovation – Robinhood, which has redefined investing through technology and accessibility, and 23XI, a changemaker in NASCAR that leverages data and cutting-edge strategies to push the sport forward.

Starting with the Goodyear 400 at Darlington Raceway on April 6, Robinhood and 23XI Racing will collaborate on and off the track with branding on team uniforms, equipment, and race cars. Robinhood will also be featured at select NASCAR Cup Series races on the No. 23 and No. 67 Toyota Camry vehicles driven by Bubba Wallace and Corey Heim. For the remainder of the season, Robinhood branding will also be placed on Wallace’s and Heim’s uniforms and team equipment.

Robinhood Chief Brokerage Officer Steve Quirk said,

“Robinhood is excited to enter into the motorsports space and there’s no better partner who shares our relentless drive to innovate in bold and transformative ways than 23XI. By expanding our presence into motorsports, we’re able to reach a passionate, engaged fanbase that’s hungry to take control of all aspects of their lives, including their finances, while supporting Bubba Wallace, Corey Heim and the rest of the 23XI team as they continue their success this racing season.”

23XI Team President Steve Lauletta said,

“We’re excited to welcome Robinhood to 23XI and look forward to introducing another new brand to NASCAR. As Robinhood continues to expand their presence in sports beyond the NBA, we’re proud to partner with them and look forward to bringing the intensity of NASCAR racing to their growing customer base.”

Bubba Wallace, driver of the No. 23 Toyota Camry XSE said,

“Our team continues to do a great job of partnering with exciting brands that share our values and believe in us. Robinhood’s dedication to market accessibility and financial literacy is important for so many people, and I look forward to representing them on track this season.”

Robinhood said it is proud to be home to a new generation of investors and have always prioritized meeting customers where they are, something that is reflected in its brand partnerships. In 2024, Robinhood partnered with KLUTCH Sports Group to serve as Robinhood’s agency of record for sports and entertainment partnerships and its Global Partnerships division, led by Andrew Feinberg, played a key role in facilitating this deal. Through this ongoing collaboration, KLUTCH identifies strategic opportunities that connect Robinhood with the dynamic intersection of sports and entrepreneurship.

“Robinhood and 23XI Racing are both innovators in their respective industries, making this a seamless partnership,” said Andrew Feinberg, KLUTCH Sports Group’s Head of Global Partnerships. “Together, they’re driving new opportunities to engage fans and expand access to financial empowerment through sports.”

Robinhood’s history of engaging sports fans also includes NBA jersey patch sponsorships with the Washington Wizards, Memphis Grizzlies, and Miami HEAT.