Robinhood in Talks With Regulators to Offer Bank Products

Robinhood Markets Inc. has more than 4 million U.S. consumers using its free stock-trading platform. Now, it’s in talks to offer them other banking services like savings accounts, according to people familiar with the matter.

The Menlo Park, California-based firm is not allowed under current rules to operate like a bank, but it’s in early discussions with regulators to begin offering banking-like products through different licenses or partnerships, these people said, asking not to be identified because the talks are confidential. One of the people said the company is having constructive conversations with the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations. However, the talks are not finalized and could still fall apart.