Robinhood (NASDAQ: HOOD) announced today (Tuesday) its first foray into motorsports through a new partnership with 23XI Racing, the NASCAR team co-owned by basketball legend Michael Jordan and veteran driver Denny Hamlin.

Robinhood Enters NASCAR, Partners with Jordan-Owned 23XI Racing

The collaboration, set to debut at the Goodyear 400 at Darlington Raceway on April 6, will see Robinhood's branding featured on team uniforms, equipment, and select race cars throughout the NASCAR Cup Series season. The fintech company's logo will appear on the No. 23 and No. 67 Toyota Camry vehicles driven by Bubba Wallace and Corey Heim, respectively.

“By expanding our presence into motorsports, we're able to reach a passionate, engaged fanbase that's hungry to take control of all aspects of their lives, including their finances,” Steve Quirk, Robinhood's Chief Brokerage Officer, commented.

NASCAR (National Association for Stock Car Auto Racing) is one of the most popular motorsports in the United States. It is consistently ranked as one of the most-watched sports in America, often coming in second behind the NFL in terms of television ratings. The live events can draw huge crowds, with some races attracting over 100,000 spectators.

“As Robinhood continues to expand their presence in sports beyond the NBA, we're proud to partner with them and look forward to bringing the intensity of NASCAR racing to their growing customer base,” 23XI Team President Steve Lauletta welcomed the new partnership,

Driver Bubba Wallace also expressed enthusiasm about representing Robinhood, praising the company's “dedication to market accessibility and financial literacy.”

Robinhood Invests in Sports

This partnership continues Robinhood's strategy of engaging sports fans to build brand awareness and reach new audiences. The company currently holds NBA jersey patch sponsorships with the Washington Wizards, Memphis Grizzlies, and Miami HEAT.

The first agreement was signed with the Washington team and has been in effect since October 2023. Subsequently, Robinhood entered into two more sponsorship deals in September 2024, adding the Memphis and then Miami basketball teams to its roster.

KLUTCH Sports Group is currently responsible for helping establish new sports partnerships, with CEO Rich Paul serving as a strategic brand advisor for Robinhood.