On Tuesday, Spokeswoman of the fintech startup, Robinhood (1), stated that the company had raised 660 million USD from its investors with the latest funding round. Notably, the company has popularised several trading activities among millennials with its platform and offerings.
The latest fundraise is the extension of its Series G funding round, announced in the previous month. As per the company’s spokeswoman, the startup’s valuation has reached at 11.7 billion after the investment of 200 million SSD from D1 capital partners.
Robinhood is getting fundings from new and current investors even during the challenging times. Its investors include Ribbit Capital, DST Global, Sequoia Capital, 9Yards Capital, Andreessen Horowitz.
Robinhood to Enhance its Core Products and Customer Experience with the Latest Fundings
As per the fintech startup’s spokeswoman, the company has secured an additional 460 million USD as part of its Series G funding round’s subsequent closings. Robinhood will utilize the latest fundings to enhance its core product and customer experience. As per the company’s statement, the fresh infusions will also be used for new offers, such as managing cash and recurring investments.
The latest infusions assert the investors’ trust in the business model of the trading app. Notably, there is a surge in the company revenue because of users’ increased trading activities during COVID-19 resultant lockdown.
With the latest fundraise, the total amount of the funding secured by Robinhood from the investors has surged to 1.25 billion USD in the current fiscal year. Since its inception, the company has raised more than two billion USD as per the PitchBook data-based Reuters calculations.
Vladimir Tenev and Baiju Bhatt founded the firm in California in 2013. Robinhood is a stock trading firm that allows users to buy and sell stocks, ETFs, options, and cryptocurrencies at zero commission. It also offers cryptocurrency, equity, options trading, and cash management accounts. The firm gives stock brokerage platforms that have democratized financial market access. Robinhood aims to make millennials comfortable with investing money and trading stocks from its app.