- Robinhood is pushing deeper into the influencer space, according to a new job posting.
- The brokerage is looking for an influencer-focused growth marketing manager, based in California.
- Other fintechs have zeroed in on the hot influencer space to reach younger consumers.
Robinhood — a popular brokerage amongst young and first-time investors — is hoping to make a big push into a new asset class: influencers.
The brokerage’s interest in teaming up with big personalities on social media has Robinhood looking to hire a growth marketing manager focused on influencer collaborations, according to a recent job posting.
The position will be based in Menlo Park, Calif., and sit within the company’s performance marketing team, the company said in the listing, which was posted this week. The role will help deepen Robinhood’s ties to the “creator community” and oversee influencer campaigns.
“You’ll drive the way we connect with influencers at the macro and micro level. You’ll help build out our influencer programs and manage relationships with influencers, including work on events,” according to a description of the role.
A Robinhood spokesperson declined to comment on the job posting.
Robinhood’s focus on influencers has increased
Influencers are increasingly catching the eyes of marketers, with the global industry valued at $13.8 billion this year, according to data from Statista.
Some finance-focused influencers are making big sums of money by promoting hot fintech apps through affiliate links. Finance affiliate programs usually offer a fixed rate per sign-up, with creators paid by either receiving a free stock or cash payment.
Robinhood appears to have been building out a team focused on influencers over the past year, according to an analysis of similar roles on LinkedIn.
Carina Cater, who joined Robinhood’s growth marketing team in July 2020, was named an influencer marketing manager this January. In June, she was named a senior marketing manager for influencers and entertainment, according to her LinkedIn page.
And Dionaisy Caceres joined Robinhood in April as an influencer marketing intern.
Neither Cater nor Caceres immediately responded to requests for comment from Insider on Friday about their roles. It was not immediately clear if additional personnel at the company may also be focused on influencer-related activities.
Insider reported in April that influencers who drive sign-ups to Robinhood through custom trackable affiliate links earn a base rate of $50 per user.
“I would go so far as to label myself an affiliate marketer before I would label myself a YouTuber at this point,” Ryan Scribner, a personal-finance creator who has 735,000 YouTube subscribers, told Insider at the time. “Because that’s how dominant this is for my business. Last year, and the year prior, affiliate revenue was about 50% of my earnings.”
Americans have come to take financial advice from social media with greater frequency
The intersection between investing and social media came into the spotlight in late January and February when retail investors — many of them Robinhood users — sent shares of so-called ‘meme’ stocks like GameStop and AMC soaring.
Non-brokerage fintechs like Step, a digital bank for teens, have also made a push into the Gen Z arena by pursuing influencer partnerships with TikTok megastars like Charlie D’Amelio.
A third of Americans reported they “trust social media influencers and celebrities’ financial advice,” according to a TIAA survey published in August.
But without formal regulations governing who is authorized to provide investing advice through social media platforms, the space has seen an influx of unlicensed providers.
In May, TikTok announced it would ban financial-services firms, including fintechs, from hiring creators to share sponsored videos on their personal TikTok accounts.
Meanwhile, brokerages like Fidelity, Charles Schwab, and Interactive Brokers reassessed their investing-education offerings aimed at clients this year. Robinhood, too, added educational tools directly in the brokerage’s app.