US-based stock trading app Robinhood has raked in $200m in a Series G funding round to focus on core product development and customer experience.

The funding round was led by D1 Capital Partners – an investment firm based in New York.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The latest fundraising brings the Silicon Valley fintech’s total valuation to $11.2bn, up from $8.6bn since the July funding round.

This is said to be the third major cash injection for Robinhood in the last four months. This year alone, the trading app has raised $800m.

Previously, the startup has raised money from marquee investors including Sequoia Capital, Ribbit Capital and Index Ventures.

The fresh infusion brings the total amount raised by the company to date to $1.71bn, according to sources.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In its blog post, Robinhood said: “We believe investing at its core is a democratic concept — it allows people to take part in the success of a company or sector they believe in.

“With our latest round of funding, we’ll continue empowering people in their financial lives and enabling a more democratic financial system.”

Robinhood also said that it is hiring hundreds of financial services representatives in Texas and Arizona, to reduce response time, develop self-service tools as well as educational tools for customers.

Founded in 2013, Robinhood has registered three million new customers this year.

It has recorded 4.3 million daily average revenue trades (DARTs) in June 2020.

Robinhood founders Vladimir Tenev and Baiju Bhatt have pledged to take the company public, with an IPO expected later this year.