FinTech news in retirement category

Nagpal isn’t worried about the seasonality of the 401(k) product because of the upcoming product roadmap, which includes the education product, investment flows into the retirement product like being able to invest in startups and ETFs, and even HSAs, often described as a 401(k) for healthcare. It would be a few years of self-employment, and building a venture firm later, before Nagpal returned to the moment as one of the early catalysts for his newest startup, Ocho. Perhaps the unique connection between Nagpal’s first company, to his firm, to his newest startup, could hint at what his approach to personal finance may be: diversify across multiple vehicles, redefine what a supercharged investment could look like, and keep on learning. To power that ambitious product spree, Ocho has raised $2.5 million from Nagpal’s own venture firm, Vibe Capital.

To get the product up and running as soon as possible, Robinhood is inviting anyone with an existing Robinhood account or who is eligible to create a Robinhood account — meaning they are 18 and over and meet other standard criteria — to join the waitlist. (Waitlisting users is a move that Robinhood has used numerous times, including with its crypto product, to both build buzz and ensure a smoother experience for users as they are moved past the figurative velvet rope.) To head off similar criticism with this new product, the company is taking early steps to provide what Tenev described as in-app guidance, education and guardrails for users. Once onboarded, users will have the choice of investing in stocks and ETFs through either a traditional IRA or a Roth IRA, says Robinhood.

Partnering with companies rather than providing services directly to users, she added, helps Addition create a more customized offering by leveraging data on the companies’ employees and their specific financial needs.