The stock trading and investment app Robinhood has
entered into a partnership with KLUTCH Sports Group, a sports agency firm. In
this deal, KLUTCH Sports Group’s Property Sales division will spearhead
Robinhood’s collaborations within the sports and entertainment sectors.
Vlad Tenev, the CEO and Co-Founder of Robinhood,
mentioned: “We are massive sports fans at Robinhood, and our customers are
as well. Working with Rich and the team at KLUTCH Sports, we will connect with
fans directly through the sports, teams, and athletes they know and love.”
Rich Paul, the Founder and CEO of
KLUTCH Sports Group, will assume the role of strategic brand advisor at
Robinhood. In his advisory capacity, Paul will guide Robinhood’s expansion into new markets.
According to Tenev, the partnership reflects the
company’s commitment to engaging with its diverse customer base through its shared passion for sports. Founded by Rich Paul in 2012, KLUTCH Sports Group is
an athlete representation agency, notably within the NBA. The agency has
expanded its portfolio to encompass various sports and leagues.
According to the press release, Robinhood’s
collaboration with KLUTCH Sports Group will offer Robinhood access to a network
of athletes, celebrities, and entrepreneurs, facilitating meaningful connections
within the sports community.
Recently, Robinhood announced its fourth-quarter financial results, highlighting a notable surge in revenue and profitability. The company’s
Q4 report triggered significant excitement among investors, leading to a
remarkable 10% surge in its shares during after-hours trading, Finance Magnates
reported.
Diversification and Growth Drivers
Robinhood’s fourth-quarter performance has surpassed
expectations, with the broker generating a remarkable net revenue of $471
million, marking a substantial 24% increase compared to the previous year.
Notably, the figure exceeded the market’s estimates, boosting the firm’s share value.
During the period from October to December, Robinhood
experienced significant growth across various revenue streams. The company’s net
interest income surged by 4% to $236 million, while transaction-based
revenue increased by 8% to $200 million.
Despite a slight dip in options
trading revenue, cryptocurrency revenue experienced a notable uptick of 10%,
reaching $43 million. Equities revenue also saw a substantial boost of 19%,
amounting to $25 million.
The stock trading and investment app Robinhood has
entered into a partnership with KLUTCH Sports Group, a sports agency firm. In
this deal, KLUTCH Sports Group’s Property Sales division will spearhead
Robinhood’s collaborations within the sports and entertainment sectors.
Vlad Tenev, the CEO and Co-Founder of Robinhood,
mentioned: “We are massive sports fans at Robinhood, and our customers are
as well. Working with Rich and the team at KLUTCH Sports, we will connect with
fans directly through the sports, teams, and athletes they know and love.”
Rich Paul, the Founder and CEO of
KLUTCH Sports Group, will assume the role of strategic brand advisor at
Robinhood. In his advisory capacity, Paul will guide Robinhood’s expansion into new markets.
According to Tenev, the partnership reflects the
company’s commitment to engaging with its diverse customer base through its shared passion for sports. Founded by Rich Paul in 2012, KLUTCH Sports Group is
an athlete representation agency, notably within the NBA. The agency has
expanded its portfolio to encompass various sports and leagues.
According to the press release, Robinhood’s
collaboration with KLUTCH Sports Group will offer Robinhood access to a network
of athletes, celebrities, and entrepreneurs, facilitating meaningful connections
within the sports community.
Recently, Robinhood announced its fourth-quarter financial results, highlighting a notable surge in revenue and profitability. The company’s
Q4 report triggered significant excitement among investors, leading to a
remarkable 10% surge in its shares during after-hours trading, Finance Magnates
reported.
Diversification and Growth Drivers
Robinhood’s fourth-quarter performance has surpassed
expectations, with the broker generating a remarkable net revenue of $471
million, marking a substantial 24% increase compared to the previous year.
Notably, the figure exceeded the market’s estimates, boosting the firm’s share value.
During the period from October to December, Robinhood
experienced significant growth across various revenue streams. The company’s net
interest income surged by 4% to $236 million, while transaction-based
revenue increased by 8% to $200 million.
Despite a slight dip in options
trading revenue, cryptocurrency revenue experienced a notable uptick of 10%,
reaching $43 million. Equities revenue also saw a substantial boost of 19%,
amounting to $25 million.
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- Source: https://www.financemagnates.com//forex/robinhoods-new-play-joins-forces-with-klutch-group-in-sports-partnership/
