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What’s Facebook up to with its Invoice Fast Track program?

  • Facebook hasn't found a lot of success in its fintech efforts.
  • Now, the firm has shifted from B2C to B2B with a new invoice financing solution.
Zachary Miller | October 11, 2021
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What’s Facebook up to with its Invoice Fast Track program?

Facebook has attempted to leg into financial services at various times without a lot of success. Facebook Pay, WhatsApp Pay and Instagram Pay haven’t found their footing. The firm’s crypto Diem project has been plagued with problems, compelling the firm to develop a new digital wallet to build demand. The social media firm is now experimenting with small business lending with its new Invoice Fast Track program.

The announcement: In September, Facebook publicly introduced Invoice Fast Track, paying out small businesses immediately on their outstanding invoices. Facebook isn’t making this new service available to all businesses, though. Invoice Fast Track is available to U.S. for-profit companies that are certified as majority-owned, operated and controlled by racial or ethnic minorities, women, U.S. military veterans, LGBTQ+ people or people with disabilities. Companies must be certified by an approved partner organization. The service began October 1.

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Robinhood is an online stock brokerage that offers its customers commission free trading and investing. Robinhood users can invest and trade in stocks, exchange traded funds, options, and cryptocurrency. Customers can invest in over 5,000 stocks with Robinhood, including most U.S. equities and ETFs listed on U.S. exchanges.

Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc. All cryptocurrency holdings are held in Robinhood Crypto as opposed to Robinhood Financial.

The company was founded in 2013 by Stanford roommates Baiju Bhatt and Vladimir Tenev. It has its headquarters in Menlo Park California and offices in the U.S and the UK.

Account Types

Robinhood’s products are accessible through its three different accounts: Robinhood Instant, Robinhood Gold and Robinhood Cash.

Robinhood Instant

Robinhood Instant is the default Robinhood account which is a margin account that has access to extended hours trading and instant deposits. Robinhood Instant account users do not have to wait for funds to process while selling stocks or depositing up to $1000.

Robinhood Gold

Robinhood Gold comprises a range of investing tools and premium products such as greater instant deposits starting at $5000 to a max of $50k, research from Morningstar on 1700 stocks, Level II Market Data from Nasdaq and more access to trading on margin. It has greater buying power and larger instant deposits as compared to the Robinhood Instant account.

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