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Commission-free stock trading app Robinhood announced the acquisition Monday of millennial-focused podcast and newsletter company MarketSnacks.
What Happened
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Robinhood's acquisition may seem odd at first glance given the fintech company's valuation of more than $5 billion, Fortune reported. But a closer look at the deal implies it is consistent with Robinhood's mission of marketing itself as the only platform a young investor needs.
After the acquisition, the daily podcast and newsletter company will be named Robinhood Snacks. The daily podcast will be named "Snacks Daily" and made available to Robinhood's more than 6 million users.
MarketSnacks co-founders Nick Martell and Jack Kramer will transition to managing editors of news.
Why It's Important
In a statement to Fortune, Martell said Robinhood approached his company and explained how its user base was "craving easily digestible and accessible business news."
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Podcasting "has a huge growth trajectory — the engagement is insane," Martell told Fortune. "To us, this exit is a testament to the power of combining a tech company's resources with the trust and value of a media platform."
What's Next
Robinhood sees the acquisition as a "value proposition" to its customer base and said the acquired property will maintain complete editorial independence.
This may be a particularly important area for the future of the company if Robinhood seeks to file an IPO, Fortune said.
Related Links:
Robinhood Launches Free Checking, Saving Accounts With 3% Interest
Why—And How—Did Robinhood Decide To Clear Its Own Trades?
Photo courtesy of Robinhood.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.