Robinhood raises $280M to grow app-based investing platform

https://www.mobilepaymentstoday.com/news/robinhood-raises-280m-to-grow-app-based-investing-platform/
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Robinhood raises $280M to grow app-based investing platform

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Robinhood, the New York-based mobile investment app, said it raised $280 million in a series F round led by Sequoia Capital, valuing the company at $8.3 billion. 

The round was backed by several existing and new investors, including NEA, Ribbit Capital, 9Yards Capital and Unusual Ventures. 

“Robinhood has made the financial markets accessible to the masses, and in turn, revolutionized the decades old brokerage industry,” Andrew Reed, a partner at Sequoia, said in a release from Robinhood. “We’re excited to further our relationship at with Robinhood, which we believe is at the beginning of its opportunity.”

The funding comes almost two months when Robinhood went through significant disruptions during the initial surge of the COVID-19 pandemic, when the major stock markets went through weeks of volatility. 

Robinhood has grown rapidly, adding 3 million funded accounts since the beginning of 2020. 

The new funding will be used to help scale the platform, invest in new products and accelerate the buildout of its operations. The company will be also hiring new talent in multiple locations, including a new office in Denver. 


 


Topics: Technology Providers, Coronavirus / COVID-19, Mobile Payments, Mobile Banking, Mobile Apps, Venture Capital Companies: Robinhood


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https://www.mobilepaymentstoday.com/news/robinhood-raises-280m-to-grow-app-based-investing-platform/