Newly public Robinhood has ambitions to be way more than only a stock-trading app, in response to its CEO. In an interview with the AP, CEO Vlad Tenev mentioned that, ultimately, he needs to show Robinhood into “the single money app” his customers want.

Though Tenev didn’t use the phrase “bank,” his description definitely sounds extra like a financial institution than the present iteration of Robinhood.

Over time, we wish to be the one cash app, essentially the most trusted and most culturally related cash app worldwide. So, all the things that you simply use your cash for, it’s best to be capable of do via Robinhood.

Anytime you obtain a paycheck direct deposit, we’d such as you to try this via Robinhood. Your emergency fund, your invoice pay, your day-to-day spending, we’d like for patrons to make use of us for that. And after all, all varieties of investing starting from extra discretionary investing to long-term retirement financial savings as nicely.

Tenev didn’t elaborate on precisely how these plans may take form. And although it’s not essentially stunning the corporate would wish to develop the varieties of providers it provides, the CEO’s feedback will possible elevate quite a lot of eyebrows.

The app, which grew to become standard for its easy interface and commission-free buying and selling, has additionally drawn criticism for a lot of of its practices. The SEC fined the corporate $65 million final 12 months, for about the way it executes trades. It was additionally hit with a category motion lawsuit earlier this 12 months after it restricted buying and selling on GameStop and different The firm has additionally been accused of creating the inventory market really feel an excessive amount of like a on line casino, notably for youthful and buyers.