Leading Stock & cryptocurrency trading application Robinhood has raised $200 Mln within its new funding round.
Within a recent official web-blog post on 17th Aug., Robinhood said it had secured $200 Mln within a Series G funding round. Robinhood said that the platform is now reportedly valued at $11.2 Bln consistent with D1 Capital Partners.
The trading application revealed that the investment would be employed to improve its “core product and customer experience.”
Robinhood recently raised $320 Bln within its earlier July funding round at a $8.6 Bln valuation with investors including TSG Consumer Partners and IVP, and $280 Mln during a Series F funding round at an $8.3 Bln valuation earlier in the month of May.
Several Negative Outages Against Robinhood
The “customer service” that Robinhood said it might improve could also be pertaining to the multiple outages the platform has suffered this year.
As reported earlier in April, Robinhood sought to boost the additional funds partly in response to the platform going down 3 times within its peak trading in March. Many traders reported heavy losses being unable to access their accounts & even demanded compensation.
However, the platform remains popular among younger traders for its “gamified” user-friendly interface, gaining 3 Mln new users earlier in Q1 2020. Despite securing $280 Mln within its Series F round led by venture capital firm Sequoia, the trading app once more temporarily went down on 18th June with no actual warning.
Robinhood has postponed its launching for its U.K. users “indefinitely” and has made no announcements regarding its expansion into other global markets. A spokesman for the firm stated it might be focusing in strengthening its core business within the U.S. for now.