Robinhood Joins Forces With Rich Paul, Klutch in Sports Push

Financial services company Robinhood wants to be a real player in the sports world. So, it has hired NBA agent and Klutch Sports CEO Rich Paul.

Robinhood has partnered with Klutch Sports in a multifaceted deal that will make Paul its newest advisor while also aligning itself with the agency’s property sales division. The majority of Robinhood’s consumer base is younger, tech savvy and hungry for sports, so by partnering with Klutch, the Menlo Park-based firm looks to further grow its users.

“Their ability to come into an industry like they did and disrupt it like we did have us aligned,” Paul said. “It’s been a great partnership across the board … We want to be a helping hand for them as they make strides not just in the industry but also the community. We want to educate and empower, and in this case through financial literacy.”  

Klutch and Robinhood are building on their existing relationship; the two teamed up to execute the jersey patch partnership with Monumental Sports and Entertainment, which owns the Washington Wizards and Washington Capitals. As Robinhood has grown over the years, so has its marketing strategy, now focusing on the intersection of sports and business.

“Last year we really decided to accelerate that,” Robinhood CEO Vlad Tenev said. “We saw what we’re doing really resonating with customers and we’re doubling down. The partnership with Rich and Klutch reinforces that.”

Robinhood already has deals with Anthony Davis, Trae Young, Aj’a Wilson and other NBA and WNBA standouts on the Klutch client list. Klutch assisted with the firm’s recent activations at NBA All-Star Weekend as well as its collaboration with popular jewelry designer Ben Baller.

“We know that we can’t do everything by ourselves,” Tenev saidd. “We know what we’re good at—we understand technology and products—and we love sports, so we’ll take all the help that we can get.”

Paul, who is best known for being LeBron James’ agent, will help Robinhood try to gain an edge on its competitors such as Chinese-owned online brokerage WeBull, which inked a jersey patch sponsorship with the Brooklyn Nets in 2021. Paul, the co-head of UTA Sports, says Robinhood will be able to leverage the resources at the Hollywood talent firm as well to potentially expand business.

Robinhood plans to gain ground in the colligate sports space as well. The brokerage company has already inked financial literacy partnerships with eight schools, including Duke University and West Virginia University. It can now work with Klutch to explore other areas where it can stamp its brand on campuses.

“[College sports is] a growing market that’s relatively untapped [by financial services],” Tenev said. “We just want to make sure we’re deploying our resources in the best possible way.”