The round valued the online brokerage at EUR 8.3 billion as it benefits from new signups amid increased market volatility and stay-at-home orders due to the coronavirus.
Robinhood, founded in 2013, provides commission-free trading, forcing incumbent retail brokers, such as Charles Schwab Corp, TD Ameritrade Holding Corp, and Fidelity Investments to follow suit.
According to Reuters, fintech startups have been attracting a flood of investments since 2019 and the pandemic is accelerating the trend as more customers look to pay without contact and use banking services without stepping into branches.
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