The additional money comes from investors like TSG Consumer Partners and IVP, helping Robinhood raise a total of USD 600 million in its seed round within two months.
US-based financial services company Robinhood said that it has raised an additional USD 320 million more to the previously-raised USD 280 million in its Series F funding round. The amount was raised at a total valuation of USD 8.6 million.
The additional money comes from investors like TSG Consumer Partners and IVP, helping Robinhood raise a total of USD 600 million in its seed round within two months.
Prior to the latest funding, Robinhood had announced in May that it had raised a total of USD 280 million, making the fintech company worth USD 8.3 million, reported TechCrunch.
The funding round is widely being seen as a precursor to an initial public offering (IPO), which has benefited from a surge in day trading, driven by consumers stuck at home during the coronavirus pandemic.
Robinhood has been a hit since its launch in 2015. The firm has reportedly added millions of funded accounts in 2020, as investors of all sizes take part in the year’s huge equity volatility due to the COVID-19 pandemic.
However, the Menlo Park, California-based startup has also experienced several outages on its app since early March, particularly on days of high trading volumes.