Robinhood launches new stock lending product 05 September 2024UK Reporter: Carmella Haswell
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Robinhood, a California-based financial services company, has released a new stock lending product.
Since launching Robinhood in the UK last November, the firm says it is committed to building for this market in the long-term and plans to introduce new innovations over time, such as its new product, Stock Lending.
The new product aims to be a “democratised” approach to stock lending and a new way for customers to earn income on stocks they already own.
It can be enabled in the account section of the Robinhood UK app, or on the website.
With the feature enabled, a customer gives Robinhood permission to lend out any fully paid stocks in their portfolio. From there, Robinhood works to find interested borrowers.
Once shares are loaned out, customers can track earnings, see their positions, and enable or disable Stock Lending at any time, all through the in-app dashboard.
Participating stocks are backed by cash collateral at a third party bank for added protection, the firm adds.
Commenting on the new product, Robinhood UK president Jordan Sinclair says: “Stock Lending is another innovative way for our customers in the UK to put their investments to work and earn passive income.
“We’re excited to continue to give retail customers greater access to the financial system, with the product now available in our intuitive mobile app.”
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