Baiju Bhatt, co-founder and co-chief executive officer of Robinhood Financial LLC, speaks during the TechCrunch Disrupt 2018 summit in San Francisco, California.

Robinhood is going back to the drawing board.

Just a day after unveiling what it called checking and savings accounts, the financial technology startup said it is re-launching and re-naming the product, which came under immediate scrutiny from Wall Street and federal officials about potentially misleading investors.

In a blog post released late Friday evening, Robinhood's founders acknowledged that its new plan, which aimed to offer no-fee checking and savings accounts "may have caused some confusion."

The plan was announced with great fanfare on Thursday, but drew questions about whether the program could adequately protect investor money. Robinhood said it would offer checking and savings accounts with an industry-leading 3 percent interest rate and no fees or account minimums. The free product builds off the company's no-fee stock-trading model that ushered in 6 million users and a $5.6 billion valuation in its five-year existence.

Following the announcement, Bloomberg first reported that the Securities Investor Protection Corp's top official had concerns about the program and insisted Robinhood never called him before launching the program.

As a result, "we plan to work closely with regulators as we prepare to launch our cash management program, and we're revamping our marketing materials, including the name," wrote Baiju Bhatt and Vlad Tenev, the start-up's co-founders and Co-CEOs.

Stephen Harbeck, head of SIPC, told CNBC in a phone interview Friday that he was just as surprised as anyone to hear about Robinhood's plan. He confirmed that the start-up did not contact his office ahead of the product launch, and to his knowledge Robinhood had not contacted the SEC, either.

"I have serious concerns over what they've done, and they took no action to alleviate my concerns," Harbeck told CNBC, adding that he had contacted the SEC's trading and markets division about it.