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Robinhood’s stock and crypto trading app has raised $ 200 million in a new round of funding.
In an August 17 blog post, Robinhood said it had secured $ 200 million in a Series G funding round. Robinhood said the platform would now be valued at $ 11.2 billion according to D1 Capital Partners.
The trading app said the investment would be used to improve its “core product and customer experience”.
Robinhood recently raised $ 320 in a July funding round at a valuation of $ 8.6 billion with investors including TSG Consumer Partners and IVP, and $ 280 million in a Series F funding round at a valuation of $ 8.3 billion in May.
Fight against fault reports
The “customer service” that Robinhood said it would improve may refer to the multiple outages the platform has experienced this year.
Cointelegraph reported in April that Robinhood had sought to raise additional funds in part in response to the platform’s decline three times during the trading peak in March. Many traders have reported heavy losses unable to access their accounts and have requested compensation.
However, the platform is still popular among young traders for its user-friendly “gamified” interface, gaining 3 million new accounts in Q1 2020. Despite securing $ 280 million in a Series F round led by venture capital firm Sequoia, the trading application once again temporarily fell on June 18 without warning.
Robinhood has postponed its launch in the UK “indefinitely” and has made no announcements regarding its expansion into other global markets. A spokesperson for the company said it will focus on strengthening its core business in the United States.
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