By Aisling Finn on Tuesday 14 July 2020
The investment platform has seen its valuation jump by $1bn since April to $8.6bn as a result.
American investment platform Robinhood has extended its Series F funding round with another $320m, bringing the total raised in this round so far to $600m.
It was only at the beginning of May that Robinhood raised $280m in the first part of this Series F funding round.
The top-up to the round came from new investors IVP, who have invested in the likes of Dropbox, Twitter, Klarna and TransferWise, and TSG Consumer Partners, whose portfolio consists of makeup and lifestyle brands with Robinhood being the first foray into financial services.
The latest round of funding now puts the fintech’s valuation at around the $8.6bn mark, up from the $8.3bn valuation it gained in May.
Robinhood has had a rollercoaster year so far, despite the record raise.
In April of this year, Robinhood pushed back its hotly anticipated UK launch after having announced in November 2019 that it was due to launch in Q1 of 2020.
According to a spokesperson for the fintech said the delay was not as a result of Covid-19 or the recent outages Robinhood had experienced.
A month before the delay, at the beginning of March 2020, Robinhood suffered an outage on a day when the US stock market surged by $1.1tr.
The outage left some customers tens of thousands of dollars out of pocket and as a result, three class actions lawsuits were launched against the fintech in California, Illinois and Florida.