Robinhood CEO says he is considering offering U.S. retirement accounts
By Echo Wang and Krystal Hu
(Reuters) – Robinhood Markets Inc is considering launching U.S. retirement accounts, CEO and co-founder Vlad Tenev talked about on Saturday in a webcast with clients of its shopping for and promoting app looking for to participate in its preliminary public offering, which is set to price subsequent week.
The on-line brokerage has about 18 million funded funding accounts on its platform, most of which are held by retail retailers.
Offering specific individual retirement accounts (IRAs) and Roth IRAs, which provide tax advantages to those saving for retirement, would allow Robinhood to faucet a vast market. Americans held $12.6 trillion in IRAs on the end of March, up 2.8% from the tip of December, in keeping with the Investment Company Institute.
“We are centered on establishing additional account types, along with IRAs and …