Traders are flocking to trade stocks and cryptocurrencies on the popular Robinhood app – and this is shown in the latest round of funding in the G-Series.
On September 23, a spokesman for Robinhood Markets Inc. increased Fintech’s recent funding to $ 660 million, valuing the company at $ 11.7 billion.
The new financing follows the Series G Tour, which was first announced in August when D1 Capital Partners invested $ 200 million in Robinhood.
It is reported that the expansion has attracted new and active investors in the app, including Andreasen Horowitz, Sequoia, DST Global, Ribbit Capital and 9 Yards Capital.
The spokeswoman noted that the capital will be used “to support our core product, customer service and new offerings such as cash handling and recurring investments.”
According to Reuters estimates using PitchBook data, Robinhood has already raised $ 1.25 billion from investors and has a total net worth of over $ 2 billion to date.
While low-key retailers can boost demand for app services and increase investor confidence, the move has not always been smooth in recent months.
As reported in April, it was assumed that Robinhood wanted to raise extra capital in response to the pressure on the platform in March, when it fell three times during the peak. Several sellers reported large losses when they did not have access to their account and demanded compensation.
Robinhood began paying compensation to some of the sellers affected by the riots in March, although the company refused to disclose how many users were affected.