This offering is enabled by Robinhood’s exclusive agreement with Sage, and it became available Monday, the companies said in a press release.
Robinhood fully rolled out the offer after piloting it over the summer to a small group of Gold subscribers, according to the release.
The offer is available to eligible Gold members through the Robinhood app, per the release.
Robinhood Director of Partnerships Sakhi Gandhi said in the release that this benefit is part of the company’s mission to “democratize finance for all.”
“Through our work with Sage Home Loans, we’re helping reduce financial barriers to homeownership and empowering customers to build wealth through one of life’s most important investments,” Gandhi said.
Sage will offer Gold subscribers, through the Robinhood app, the ability to explore loan options and connect with Sage loan officers, according to the release.
“We’ve built a mortgage experience that’s simple, digital and transparent — and collaborating with Robinhood shows what’s possible when technology meets accessibility,” Sage Home Loans CEO Mike Malloy said in the release. “Our goal is to help more people turn financial progress into homeownership, one of life’s most meaningful milestones.”
The number of Robinhood Gold subscribers reached a record high of 3.5 million in the second quarter, Robinhood said in a July 30 earnings release. The number was up by 1.5 million, or 76%, compared to a year earlier.
Overall, beyond subscribers, Robinhood serves 26.5 million funded accounts.
“Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses,” Robinhood Chief Financial Officer Jason Warnick said July 30 during the company’s second quarter earnings call. “And Q3 is off to a great start in July, as customers accelerated their net deposits to around $6 billion and leaned in with strong trading across categories.”
Since that earnings report, Robinhood has announced plans to start rolling out futures trading to eligible customers in the United Kingdom, introduced a fund designed to expand retail investors’ access to private markets, and added a social media feature to its mobile app.
