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Brokerage firm Robinhood Markets Inc. (NASDAQ:HOOD) is taking a fresh step into unconventional banking by reportedly partnering with delivery service Gopuff to bring cash withdrawals directly to users' homes.
For a $6.99 delivery fee—or $2.99 for those with over $100,000 in assets across Robinhood accounts—users can now skip the ATM and have cash delivered in a sealed paper bag.
A Wall Street Journal report added that the initiative builds on earlier hints from the CEO and co-founder of Robinhood, Vlad Tenev, who teased the cash-delivery concept in March while outlining Robinhood's plans to introduce both standard and luxury financial perks.
Among other offerings, Tenev mentioned experiences like discounted helicopter rides and opportunities to purchase tickets to the Met Gala, a star-studded annual fashion event in New York.
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According to Deepak Rao, Robinhood Money's vice president and general manager, the company aims to mirror the privileges of high-end banking while keeping its core focus on accessibility.
The Journal noted that the idea of physically delivering cash might appear counterintuitive in an era dominated by digital payments and mobile wallets such as Apple Pay and Venmo. Yet Rao noted that it targets one of the few reasons customers still visit physical banks or ATMs—access to cash.
The cash delivery service has begun rolling out in New York and will expand to other major cities, including San Francisco, Philadelphia, and Washington, in the coming months.
To use the feature, customers must subscribe to Robinhood Gold—priced at $5 per month—and set up direct deposits of at least $1,000 a month into their Robinhood bank accounts.
According to Gopuff co-CEO Yakir Gola, the delivery window will initially run from 9 a.m. to 7 p.m. daily.
Gola added that security was a major consideration during development, with both companies instituting verification procedures to ensure safe handoffs.
Customers will need to provide a verification code and receive cash directly from the delivery driver—no unattended drop-offs are allowed.
Executives from both companies said they had implemented safeguards to keep cash orders discreet.
Recently, Tenev declared that the era of traditional 9-to-5 trading is numbered, predicting that asset tokenization will inevitably lead to 24/7 global markets.
Robinhood is also set to offer retail investors a chance to invest in private artificial intelligence (AI) companies, despite concerns of a potential bubble in the sector.
Tenev revealed that the company plans to launch a new fund managed by its subsidiary, Robinhood Ventures. This fund will allow traders to invest in a concentrated portfolio of at least five "best in class" private AI companies.
Price Action: HOOD stock is down 5.23% at $126.02 at the last check on Thursday.
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Posted In: HOOD
