Robinhood is rolling out a service that lets customers order cash for home delivery through a partnership with the delivery app Gopuff. For a fee of $6.99—$2.99 for those with more than $100,000 in Robinhood assets—users can have money from their Robinhood accounts delivered to their door in a sealed paper bag, reports the Wall Street Journal. The service is initially available in New York, with plans to expand to cities including San Francisco, Philadelphia, and DC. To access the service, customers must subscribe to Robinhood Gold ($5 monthly) and set up at least $1,000 in monthly direct deposits.
In a March article previewing the service, Business Insider noted that the service comes with a 4% annual interest rate. Robinhood, known for its popularity among younger investors since the "meme-stock craze," is expanding its offerings to include both traditional and unconventional banking services, per the Journal. The company has also teased perks like reduced-price helicopter rides and Met Gala tickets, aiming to provide experiences typically reserved for high-net-worth clients. Robinhood Money's Deepak Rao says the goal is to bring luxury-style services to a wider audience. The cash delivery option may seem unusual in an era dominated by digital payments, but Rao argues it could replace one of the last reasons people still visit banks or ATMs.
Deliveries will be available daily from 9am to 7pm, at least to start. For those who live in high-crime areas, Gizmodo notes that, after Robinhood teased the service earlier this year, a disclaimer popped up on the company's site that read: "Cash delivery service coverage varies based on geographic location." Gopuff co-CEO Yakir Gola says that the company already delivers high-value items, and that delivery workers won't know whether they're carrying cash or another product.
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