- Robinhood has acquired TradePMR, a custodial and portfolio management platform for registered investment advisors, in a deal worth up to $300 million in cash and stock.
- This move aligns with Robinhood’s strategy to expand its wealth management services, leveraging TradePMR’s open architecture platform, Fusion, to integrate advisor and client asset views directly into the Robinhood app.
- The partnership also includes plans for a cutting-edge referral program and aims to maintain TradePMR’s collaboration with Wells Fargo Clearing Services. TradePMR’s CEO Robb Baldwin and his team will join Robinhood after the deal closes in H1 2025.
- This acquisition follows Robinhood’s recent strategic purchases, including Bitstamp for $200 million and Pluto Capital, as it continues to diversify its fintech portfolio.
