Robin Hood made its name, as you know, is the place to trade meme stocks. Now it's maturing with its investor base, rolling out some financial services like wealth management and private banking.

For today's tech check, our Kate Rooney spoke to Vlad Tena about the news.

Stock's getting defended as well on the sell side today. Morning, Kate.

Yeah, Carl, so Robin Hood's new Robo Advisor, private banking and wealth management, all of those

features you mentioned are the latest signals. This company is really growing up with their client base

and also looking to court more high net worth, sophisticated investors. The Robo Advisor is competing

on fees. It's 0.25% annually that is capped at $250 a year year. But it's only for gold subscribers. It's also offering

certain transfer incentives as people start to sign up. The subscription aspect, though,

is a key way, Tennev says they're going to break even. He did admit, though, there is skepticism.

This has not worked that well in financial services historically,

says they're using Amazon and Costco for inspiration.

If you're an Amazon Prime subscriber, if you need to buy something and you're fine with it being

delivered the next day, Amazon, once you're a prime subscriber, tends to own more of that share, more of that e-commerce

flow.

Same with Costco.

Costco membership kind of becomes a loyalty program.

And for financial services, loyalty is equivalent to wallet share.

And Robin Hood now has a new list of competitors as it expands into these arenas.

It's got about $200 billion in customer assets, which pales in comparison.

If you look at Fidelity and Vanguard, it is also now going up against the UBSs and Merrills

of the world on private wealth.

Tenev is betting on the wealth transfer.

...