Fashionable inventory and cryptocurrency buying and selling app Robinhood has surpassed its financing targets by elevating $280 million in Sequence
Fashionable inventory and cryptocurrency buying and selling app Robinhood has surpassed its financing targets by elevating $280 million in Sequence F funding at an $8.three billion valuation.
Publicly introduced Could 4, the Sequence F was led by enterprise capital agency Sequoia, alongside current and new buyers that included NEA, Ribbit Capital, 9Yards Capital and Uncommon Ventures.
Final month, Cointelegraph reported that Robinhood had ostensibly been in search of to lift $250 million at an approximate valuation of $Eight billion.
Alongside conventional equities and choices, the app’s commission-free crypto buying and selling service helps main cash resembling Bitcoin (BTC), Ether (ETH), Bitcoin Money (BCH) and Litecoin (LTC), in addition to smaller-cap cryptocurrencies like Ethereum Traditional (ETC) and Dogecoin (DOGE).
Urge for food for buying and selling surged throughout March volatility
Robinhood’s elevate comes shortly after a collection of high-profile outages on its platform this March — one among which purportedly made Robinhood merchants miss out on the most important one-day level acquire within the Dow Jones’ historical past.
The app has nonetheless seen report income development in the course of the COVID-19 pandemic, rising from $20 million in March 2019 to $60 million March 2020.
In its Sequence F announcement yesterday, Robinhood stated it was “humbled that individuals are turning to Robinhood” amid “difficult instances and market volatility.”
Up to now in 2020, the app has reportedly added over three million funded accounts; half of recent customers this 12 months are apparently first-time buyers.
The aftermath of the March logjam
On the finish of March, Robinhood confirmed it had been contacting customers affected by the month’s outages, pledging to reimburse them in {dollars} at a sum to be decided on a case-by-case foundation.
The corporate has declined to touch upon the entire variety of affected customers. It faces not less than one federal class lawsuit filed on behalf of a number of merchants following an outage firstly of March.