"We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost-efficient for customers of all sizes," Arrive President Neil Sirni said, referencing the app's co-founders Baiju Bhatt and Vlad Tenev. "Robinhood will have our support as they execute the long-term vision of their company."
Since Robinhood debuted in 2013, it has amassed more than three million users and is currently valued at $1.3 billion. In January, the company announced Robinhood Crypto, which allows users to partake in commission-free Bitcoin and Ether trading as well.
Back in 2017, Jay Z and Roc Nation launched Arrive with a mission to invest in start-ups. Since then, the company has invested in French audio technology company Devialet and a location sharing platform InSite Applications that's scheduled to launch in 2018.
This isn't Jay Z's only new investment this year, either. S. Carter Enterprises recently filed trademark paperwork for Hovino for "goods and services" in relation to "restaurant and café services, carry-out restaurant services, pubs, cocktail lounges, wine bars, and more." He may also be expanding his Paper Planes brand into athletic gym bags, tour books, jewelry, and possibly a cosmetic line. The paperwork also claims Jay may expand Paper Planes into department stores, an online shopping site, and for musical recordings as well.