Robinhood Acquires Custodial and Portfolio Management Platform TradePMR

Robinhood has acquired TradePMR, a custodial and portfolio management platform for registered investment advisors, in a deal valued at up to $300 million according to a story in Fintech Futures. , Robinhood says the acquisition will accelerate its “delivery of investment advisory capabilities” in line with its planned expansion into wealth management services. Leveraging TradePMR’s open architecture platform, Fusion, Robinhood intends to create a platform where advisors and clients can view their managed assets directly within the Robinhood app, while also announcing a joint endeavor to build a “best-in-class referral program”. In addition, Robinhood plans to “preserve and deepen” TradePMR’s “long-standing partnership” with Wells Fargo Clearing Services, which provides clearing, execution and lending services. Going forward, Robb Baldwin, founder and CEO of TradePMR, along with the TradePMR team, will join Robinhood following the completion of the acquisition, expected in H1 2025.