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The Menlo Park-based fintech company, founded in 2013, has focused on investment education and making stock trading accessible to everyone.
We reported in May that the company raked in a $280 million Series F round led by Sequoia Capital, with participation from investors including New Enterprise Associates, Ribbit Capital and Unusual Ventures.
Including this new round, Robinhood has now raised more than $1.7 billion, according to Crunchbase data.
In a blog post, the company said it will use the new funding to continue investing in its core product as well as in customer experience. Last week, it announced it would hire hundreds of registered financial representatives in Southlake, Texas, and Tempe, Arizona. It also said it will add support staff across all of its locations to assist in reducing response times, building more self-service tools, and enhancing informational and educational tools.
“We believe investing at its core is a democratic concept—it allows people to take part in the success of a company or sector they believe in,” the company said in a written statement. “With our latest round of funding, we’ll continue empowering people in their financial lives and enabling a more democratic financial system.”
As we have reported in the past, it has been widely speculated that Robinhood is poised for an initial public offering. Reuters reported something similar again on Monday, saying the company has benefitted from reports of surges in day trading that are likely to continue.
Illustration: Li-Anne Dias