Rich Paul watches a National Basketball Association basketball game between the Los Angeles Lakers and Boston Celtics at Staples Center on February 23, 2020 in Los Angeles.
Allen Berezovsky Getty Images Entertainment | Getty Images
robin hood The financial services company aims to expand its footprint in sports, entertainment and media by partnering with Klutch Sports Group, the company of LeBron James agent Rich Paul, the companies announced Thursday.
As part of the deal, Paul will join Robinhood as a strategic advisor. He will work closely with Robinhood CEO Vlad Tenev to identify new partnership opportunities in the areas of sports and entrepreneurship.
“We are huge sports fans of Robinhood and “Working with Rich and the team at Klutch Sports is a real way to bring the Robinhood brand to a broader audience and partner with athletes and organizations that align with our ideas,” Tenev told CNBC. “It will be,” he said. What customers want. “
Paul, who founded Clutch in 2012, represents some of the biggest names in sports, including James. In recent years, the group has expanded to create partnerships that connect teams, leagues and facilities with global brands.
Paul is a director of United Talent Agency. live nation.
“I look forward to helping guide Robinhood as it expands into new markets and verticals,” Paul said in a statement.
Klutch said he has been connecting Robinhood executives with teams, owners and athletes as the company looks to expand its reach beyond technology and finance. For example, Clutch helped facilitate a three-year jersey patch deal between Robinhood and the National Basketball Association’s Washington Wizards in October.
This partnership is already bearing fruit. According to Tenev. He said Robinhood’s brand awareness has increased throughout the Washington, D.C., metropolitan area since the partnership was announced.
During NBA All-Star Weekend, Robinhood partnered with NBA players Draymond Green, Trae Young, and WNBA player A’ja Wilson (all represented by Klutch) to focus on the company’s gold investment marketing.
Robinhood also teamed up with jewelry maker Ben Bohler to entice people to the event with gold chains.
Tenev said she was drawn to Clutch because the story of Robin Hood resonates with Paul’s background.
“He built his business and brand from the ground up, selling vintage jerseys at the Akron Airport,” he said. “If you think about what Robinhood stands for, it stands for access and entrepreneurship.”
Trading and investment platform Robinhood has announced that it has introduced tens of millions of first-time investors to the market. The company, which touts more accessible investment options, says its users are more diverse than traditional brokerages.
Tenev also cited the recent surge in crypto values, saying that part of the rise is due to customers who previously could not hold crypto exposure investing in ETFs.
“We’re starting to see it become more mainstream and more and more integrated into the traditional financial system,” he said. “I think Robinhood can play a leading role in accelerating some types of cryptocurrencies and traditional finance, integrating them and making them more useful over time.”
The trading platform’s stock price is up nearly 30% this year.
Correction: Rich Paul is joining Robinhood as a strategic advisor. A previous version of this article incorrectly stated his position with the company.
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