Robinhood, the company that blazed onto Wall Street after turning millions of novices into investors by making trading fun, is now setting its sights on a more staid corner of the industry: saving for retirement.
The company on Tuesday is initiating signups for a retirement program, where customers can sock savings into an Individual Retirement Account, something better known as an IRA.
It’s the first such effort for Robinhood, which is trying to recapture some of the high-flying growth that fell off as painful downturns made day-trading of stocks and cryptocurrencies much less fun.
Robinhood has often appealed to younger customers, and many of them are working jobs that don’t have access to a traditional 401(k) retirement plan offered by an employer, said Vlad Tenev, Robinhood’s chief executive.