Robinhood Markets Inc. has launched a new platinum credit card designed to attract wealthy customers, marking the company's entry into the premium credit card market.

The new card is being offered through an invite-only system, indicating the company's strategy to target high-net-worth individuals rather than its traditional retail investor base.

This move represents Robinhood's continued expansion beyond its core commission-free trading platform as the company seeks to diversify its revenue streams and attract more affluent customers.

The launch puts Robinhood in competition with established premium credit card providers in a market segment traditionally dominated by major banks and financial institutions.

Robinhood has been working to broaden its financial services offerings as it looks to increase customer engagement and generate additional revenue sources beyond trading commissions and interest income.