The aptly-named stock trading app Robinhood continues to show that it is as good at taking money from the rich as it is in bringing investment opportunity to the masses. The company announced on Monday that it has raised $200 million in new funding in a Series G round featuring D1 Capital Partners. This latest funding comes less than a month after the Robinhood closed a Series F round that was topped off with a $320 million investment, and takes the company’s valuation to $11.2 billion.
“For seven years, the team at Robinhood has been focused on enabling more access to the markets for more people,” the company’s blog read Monday morning. “With this funding, we’ll continue to invest in improving our core product and customer experience.”
Believe it or not, Robinhood has been busy between its last multi-million dollar fundraising less than 30 days ago and this one. Earning certification as a Great Place to Work in the U.S. in July, Robinhood hired Christina Smedley as Chief Marketing Officer early this month and, also in July ,unveiled a new visual identity. Last week, ahead of today’s fundraising announcement, the company revealed plans to “hire hundreds of additional registered financial representatives in both Texas and Arizona this year.
“Supporting and communicating with our customers – both those new to investing and those with more experience – is a critical part of our responsibility to them,” Head of Customer Experience at Robinhood Alex Mesa said. “We’ve more than doubled our support team since January and we’ll continue to grow our teams to provide timely, helpful responses to our customers.”
With its commission-free trading and investing platform, fractional share availability, and Millennial, mobile-first mindset, Robinhood has become a major influence in the retail brokerage business. Founded in 2013 and headquartered in Menlo Park, California, the company has more than 13 million traders and investors on its platform.
Photo by Felix Mittermeier from Pexels