The popular mobile investment app grossed another $ 320 million in funding and more than doubled the previously declared F Series loan amount.
Massive growth recorded in the months of global economic crisis
Robinhood, the popular mobile investment app that allows users to buy bitcoin and other cryptocurrencies, it announced today that it has raised another $ 320 million as part of an F Series round announced for the first time in May. The sum comes from new and old investors, with the company calling TSG Consumer Partners and IVP as two of the key companies in a small update to its previous post. Today's news was first reported by Fortune.
In May, Robinhood announced that it had raised a $ 280 million Series F round of financing led by Sequoia Capital, along with participation from companies such as NEA, Ribbit Capital, 9Yards Capital and Unusual Ventures. With the F Series round now increased by $ 600 million thanks to additional closings, Robinhood is now valued at $ 8,6 billion.
Robinhood has seen growing interest during the recent global economic crisis triggered by the COVID-19 pandemic, as the app makes it easy for novice investors to open an account and start trading. The company reported in May that it has already accumulated more than 3 million funded accounts.
Robinhood's responsibility to novice investors
However, Robinhood has also withstood critical moments in recent times, with the app falling several times during peak exchange periods this spring, particularly during major stock market fluctuations.
Last June, 730.000-year-old user Alexander Kearns committed suicide after seeing a negative balance of $ XNUMX in his account while trading options, as reported in a letter left to his family.
Robinhood co-founders and co-CEO Vlad Tenev and Baiju Bhatt wrote an official post, immediately after expressing their condolences, for the "confusion" experienced by Kearns, promising an improved user interface and additional authorization levels needed to trade options.
The company also donated $ 250.000 to the American Foundation for Suicide Prevention. "We know that our company and our service have become synonymous with retail investments in America and that this has led millions of new investors to make their first investments through Robinhood," wrote Tenev and Bhatt.
“We recognize this profound responsibility and do not take it lightly. Our aspiration is to innovate, guide and go beyond the status quo. "
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