US-based trading app Robinhood is taking on the banks (who isn’t?) with the launch of checking and savings.
In a fintech fandango it will use the power of Utah-based payments processor Galileo for APIs, fraud detection, and analytics and regulatory compliance functionality.
Robinhood will offer users the chance to earn 3% on their money, no fees, access to over 75,000 free ATMs, and a personalised debit card. Right now, people can get early access.
The firm says people can use its app to find the closest free ATM, pay bills, deposit or mail cheques, and chat with customer support 24/7.
It will begin sending invitations when the Robinhood debit card is ready to ship – starting January 2019.
Back in May, Robinhood was feeling merry with a Series D funding round of $363 million.
A lot of new firms talk about democracy and other noble things. It was no exception.
It said: “We’re guided by the belief that America’s financial system should work for everyone – not only the wealthy. In the past few months, we launched more products to further our mission of democratising financial services, and brought your investments together on one platform.”