Action and crypto trading app Robinhood has raised $ 200 million in a new round of funding.
In a blog post on August 17, Robinhood said it had secured $ 200 million in a Series G funding round. Robinhood said the platform is now reportedly valued at $ 11.2 billion according to D1 Capital Partners.
The trading app said the investment would be used to “improve its core product and customer experience.”
Robinhood recently raised $ 320 million in a $ 8.6 billion valuation round with investors including TSG Consumer Partners and IVP, and $ 280 million in a $ 8.3 billion Series F financing round in May.
Fighting failure reports
The “customer service” that Robinhood said it would improve on could refer to the multiple outages the platform has suffered this year.
Cointelegraph reported in April that Robinhood was trying to increase the extra funds in part in response to the platform going down three times in peak trading in March. Many traders reported that heavy losses were not able to access their accounts and claim compensation.
However, the platform is still popular with younger traders for its “gamified” user-friendly interface, gaining 3 million new accounts in Q1 2020. Despite securing $ 280 million in a Series F round led by venture capital firm Sequoia, the trading app once again temporarily went down on June 18 without warning.
Robinhood has postponed its launch in the UK “indefinitely” and has not made any announcements about its expansion into other global markets. A company spokesman said it would focus on strengthening its core business in the United States.
