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Robinhood raises USD 3.4 billion to cope with customer growth

Tuesday 2 February 2021 11:27 CET | News

Robinhood has raised USD 3.4 billion to continue to support its record customer growth, including USD 1 billion in funding announced on January 29 2021.

With this funding, Robinhood intends to build and enhance their products and as such give more people access to the financial system. They also intend to invest in expanding access to financial literacy.

The round was led by Ribbit Capital, with participation from existing investors including ICONIQ Capital, Andreessen Horowitz, Sequoia, Index Ventures, and NEA with terms being finalised.

After being strained by the high volume of trading in stocks such as GameStop, the company was prompted to seek additional funding. Before the initial investment of USD 1 billion, the company was forced to stop customers from buying several stocks like GameStop that were heavily traded these weeks. Investors who provide new financing to Robinhood will receive additional equity in the company and will get that equity at a discounted valuation.

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Keywords: Robinhood, funding, trading, investment, stocks, GameStop, banks, line of credit, equity, public offering, financial literacy, Ribbit Capital
Categories: Banking & Fintech
Companies:
Countries: World
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Banking & Fintech

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