In an unconventional move that shows its growing ambition to become a complete financial service, Robinhood Markets is rolling out a surprising new offering for its young, digitally savvy users: cash delivery.

The brokerage, which first gained fame with Gen Z and millennial investors during the meme-stock craze, has teamed up with the quick-delivery service Gopuff. This partnership lets eligible users pull physical cash from their Robinhood bank accounts and have it hand-delivered, just like a pizza or a pint of ice cream.

Skipping the ATM, Embracing the Couch

For a standard delivery charge of $6.99 (or a reduced $2.99 for customers with over $100,000 in assets), people can skip the ATM line and get money in a sealed paper bag right at their door. This service is part of Robinhood's larger plan, first hinted at by CEO Vlad Tenev in March, to introduce a range of traditional and innovative banking services tailored to its customers' changing needs.

Other planned benefits have included high-end perks usually reserved for the wealthy, such as reduced prices on helicopter trips and tickets to exclusive events like the Met Gala. Deepak Rao, vice president and general manager of Robinhood Money, explains the goal is to mirror the luxuries that big banks and premium wealth managers typically offer their rich clients.

Why Cash Now?

The move might seem odd in a time dominated by digital payments from apps like Venmo, Apple Pay, and DoorDash. Yet, Rao argues that bringing cash to people's homes removes a primary reason consumers still feel they need to visit a physical bank or ATM.

“Everything gets delivered to their house from burritos to medicine,” Rao said. “Why not cash? Think about any reason you might go to the bank now.” The service is beginning its rollout in New York and will soon expand to San Francisco, Philadelphia, Washington, D.C., and other major cities.

Need to Know for Cash Delivery:

  • Membership: Must be a Robinhood Gold member ($5/month).
  • Funding: Requires at least $1,000 in monthly direct deposits to their Robinhood bank account.
  • Hours: Available initially every day from 9 a.m. to 7 p.m., according to Gopuff co-CEO Yakir Gola.

Safety First

To address safety worries, Robinhood and Gopuff managers confirm they have put strong safety measures in place:

  • Personal Hand-Off: Cash cannot be left at the door; the customer must take it directly from the driver.
  • Code Check: Users must provide a unique verification code to the driver upon delivery.
  • Driver Knowledge: The delivery person handling the order won't know if the sealed package contains cash, as Gopuff regularly delivers a variety of expensive goods, from headphones to high-end liquor.

This cash partnership is the newest example of CEO Tenev's willingness to take chances. Earlier this year, Robinhood started offering “event contracts” with Kalshi, letting users place bets on things like sports, entertainment, and politics—a decision that has drawn criticism for potentially confusing the line between investing and gambling.