Robinhood is embarking on a journey into sports and entertainment and tagging this businessman for assistance.
According to CNBC, the financial services company will join forces with Rich Paul’s Klutch Sports Group as it looks to expand its reach.
“We’re massive sports fans at Robinhood and we know our customers are as well,” said Robinhood CEO Vlad Tenev to CNBC. “Working with Rich and the team at Klutch Sports, it’s really a way to get the Robinhood brand out there to a wider audience and partner with athletes and organizations that are aligned with our customer needs.”
Launched in 2012, Klutch is home to many athletes, including LeBron James. Since its inception, the company has expanded its reach across teams, leagues, properties, and more.
As previously reported by AFROTECH™, despite people saying that Klutch was a company that “wasn’t gonna last,” Paul confirmed that the business has negotiated more than $2 billion in deals.
“I look forward to helping guide Robinhood as they broaden their reach into new markets and spaces,” said Paul in an official statement.
He will serve as a strategic advisor in the deal.
Paul’s Klutch imprint has already left a mark on the Robinhood family, having played a role in landing the company’s three-year jersey patch deal with the National Basketball Association’s (NBA) Washington Wizards.
“He built up his business and his brand from nothing – from selling vintage jerseys in the Akron airport,” Tenev said to the outlet. “When you think about what Robinhood represents, it represents access and entrepreneurship.”
Per the report, Robinhood notes that it has managed to introduce “tens of millions of first-time investors” to various markets using its approach as the “more accessible investing option.”
“You’re starting to see it more mainstream and getting integrated further and further into the traditional financial system,” Tenev told CNBC. “I think Robinhood can play a leading role in the acceleration of kind of crypto and traditional finance, merging together and making it more useful over time.”
