Popular investing app Robinhood has landed $280 million in a new round of funding, the company announced Monday.
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The Series F round was led by Sequoia Capital, with participation from investors including New Enterprise Associates, Ribbit Capital and Unusual Ventures. The new round brings Robinhood’s total funding well over the $1 billion mark.
The funding will be used to scale the platform and build out new products, according to a statement from the company. According to the company, it’s added more than 3 million funded accounts this year, and that half of new Robinhood customers this year were first-time investors.
“Amid challenging times and market volatility, we’re humbled that people are turning to Robinhood to participate in the markets and build their financial future,” the company said in a statement.
Bloomberg first broke the news on April 15 that Robinhood was close to raising money, and noted that the company had a pre-money valuation of about $8 billion. The fundraising comes after the app suffered from outages on key trading days.
There was some speculation that Robinhood would go public in 2020, but with the COVID-19 pandemic now coupled with a new fundraise, it seems very unlikely.
Robinhood last raised money with its Series E last year. It landed $323 million in July 2019, and $50 million in October, according to Crunchbase.
Illustration Credit: Li-Anne Dias