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.

"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."

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.