Robinhood Banking Tops $1B Deposits From 65K Users, Paving Way For $695 Platinum Card
Robinhood Banking exceeded $1 billion in deposits from 65,000 funded customers just four months after its November 2025 launch. The deposit base underpins the company’s invite-only $695/year Platinum Card—offering 10% hotel cash back and a free Gold subscription—supporting Robinhood’s super-app expansion.
1. Banking Milestone
Robinhood’s banking division crossed $1 billion in customer deposits just four months after launching in November 2025, fueled by 65,000 funded accounts. Services are offered through a partnership with Coastal Community Bank, enabling Robinhood to provide FDIC-protected checking and savings products while remaining a fintech operator.
2. Platinum Card Launch
Robinhood is preparing an invite-only Platinum Card priced at $695 per year, plated in solid platinum to rival premium credit offerings. The card will deliver 10% cash back on hotel bookings and a complimentary Gold subscription, aiming to deepen engagement among affluent millennial and Gen Z customers.
3. Super App Vision
CEO Vlad Tenev positions the banking milestone and premium credit products as core components of Robinhood’s super-app strategy to capture users’ full financial lives. The platform’s expanding suite also includes a prediction markets unit that traded over 12 billion event contracts in 2025, underscoring its push into new revenue streams.