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.
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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.
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By GlobalDataIn 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.
