Robinhood, the operator of a mobile app for trading stocks and cryptocurrencies, has a market capitalization of $11.7 billion after the successful closing of its Series G financing round, Reuters reports.<\/p>\n
The fintech startup attracted $460 million from Andreessen Horowitz, Sequoia Capital, DST Global, Ribbit Capital, 9Yards Capital. An additional $200 million was raised from D1 Capital Partners after extending the round.<\/p>\n
In May, after raising $280 million from Sequoia Capital and other investors, the company was valued at $8.3 billion.<\/p>\n
According to Crunchbase, this year Robinhood has raised $1.26 billion from investors. Over 18 funding rounds in its history, the company has attracted $2.2 billion.<\/p>\n
\n“Additional funding will support our core product and level of customer service. We will also introduce new services such as liquidity management and recurring investments,” a spokesperson for the startup told the publication.<\/p>\n<\/blockquote>\n
Reuters notes that the growth of interest in Robinhood is driven by the expansion of retail investor trading activity during the COVID-19 pandemic. This was not impeded even by a string of serious outages in the app.<\/p>\n
Earlier this month, it was reported that the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) will investigate<\/a> Robinhood’s conduct amid user discontent.<\/p>\n