By Aisling Finn on Tuesday 18 August 2020
Following its latest valuation, Robinhood is one of the highest valued fintechs in the world.
American investment platform Robinhood has closed a $200m Series G funding round at an $11.2bn valuation just over a month after its last fundraise.
The latest funding round was led by existing investor D1 Capital Partners, which has also invested in the likes of Google, Netflix, Disney and Microsoft.
Earlier this year, the trading platform raised a $280m Series F funding round that saw it valued at $8.3bn, only to top up the round with an additional $320m at a valuation of $8.6bn.
Robinhood announced the latest raise, and the $2.6bn jump in its valuation, in a blog post on its website last night and revealed that the fresh capital will be used to better its customers’ experience and improve its core product offerings.
The blog post also revealed that the fintech now has over 20m subscribers to its weekly newsletter and more than 1.9m monthly active listeners to its podcast.
Robinhood cited wanting to focus its efforts on “strengthening our core business in the US making further investments in our foundational systems.”
Earlier this year, Robinhood was rocked with scandal as it suffered an outage in March on a day that the US stock market surged $1.1 trillion.
Some customers reportedly lost hundreds of thousands of dollars and three class-action lawsuits, in California, Illinois and Florida, were launched against the trading app.