23XI Racing sponsorship deal sees Robinhood enter Nascar

Nascar’s 23XI Racing have agreed a new partnership with financial services platform Robinhood for the 2025 season.

Contract:

• Robinhood will run as the primary paint scheme at four races this year across Bubba Wallace and Corey Heim’s cars
• Company branding will be integrated from this weekend’s race in Darlington

Context:

This deal shows that 23XI are still able to attract major sponsors despite the shadow of their lawsuit with Nascar hanging over the season, especially as this is Robinhood’s first entry into motorsport. Rich Paul-owned Klutch Sports Group, which recently signed Josef Newgarden as its first motorsport athlete, was heavily involved in the deal.

Away from Nascar, Robinhood is a prominent sponsor in the National Basketball Association (NBA), boasting jersey patch deals with the Memphis Grizzlies, Miami Heat and Washington Wizards. It is the first company to have three NBA jersey patch agreements simultaneously. 

Comment:

“We’re excited to welcome Robinhood to 23XI and look forward to introducing another new brand to Nascar,” said 23XI team president Steve Lauletta.

“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.”]

Steve Quirk, chief brokerage officer at Robinhood, added: “Robinhood is excited to enter into the motorsports space and there’s no better partner who shares our relentless drive to innovate in bold and transformative ways than 23XI.

“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, while supporting Bubba Wallace, Corey Heim and the rest of the 23XI team as they continue their success this racing season.”

Coming next:

Robinhood will debut as the primary paint scheme on Corey Heim’s car at Kansas Speedway in May, before running at three subsequent events later this season.

Go deeper:

• What Nascar’s TV, sponsorship and social media data reveals about the series in 2025
• What’s going on with Nascar’s charter system?