Robinhood raises USD 8.3 bln in funding round

Wednesday 6 May 2020 14:12 CET | News

Robinhood, an investment and stock trading app, has raised USD 280 million in a funding round led by existing investor Sequoia Capital

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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Keywords: fintech, startup, Robinhood, trading app, Sequoia Capital, incumbent, retail, Charles Schwab Corp, TD Ameritrade Holding Corp, Fidelity Investments, banking
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech