Robinhood, a no-fee trading stock trading startup, just made its first acquisition, and it’s a millennial-focused media company called MarketSnacks.
“We improved market news coverage on our platform, added discovery tools on mobile, and revamped our Help Center to better answer your questions,” Josh Elman, Robinhood’s VP of product, writes in a blog post.
But an important distinction is that Robinhood isn’t launching a publication.
“The inherent conflict of interest in that case is so strong, we’re not going to cover Robinhood at all, but we will cover everything else with editorial independence,” Kramer said.
Subscribers to the newsletter don’t have to be a user of any Robinhood products.
This purchase may seem odd for the fintech giant valued at more than $5 billion, but it makes sense given Robinhood’s increased push to become one-stop shop for a young investor’s needs.