Robinhood is buying Say Technologies, which makes software to make it easier for shareholders to communicate with corporations, in a $140 million deal, the company said Monday.
Say, which is based in New York, offers proxy voting services and a platform where companies and their investors can connect.
"Everyone should have the same access to the financial markets as Wall Street insiders," Aparna Chennapragrada, Robinhood's chief product officer, said in a blog post. "We share a common goal of eliminating the barriers that keep people from participating in our financial system."
Shares of Robinhood slipped 3% in late morning trading. The company, which recently went public, currently depends heavily on transaction revenues, so adding other services might help it diversify.