Robinhood Receives $460M Cash Injection, Valuation Reaches $11.7B

Despite problems with its infrastructure, Robinhood Markets Inc has been reporting continued success, with the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic driving millennials to its commission-free trading app. Now, it has been revealed that the fintech startup has increased its latest funding round from investors to $660 million.

According to a report from Reuters, a spokeswoman for the company said on Tuesday that the company has raised an additional $460 million in an extension of its Series G round, which was announced last month.

As Finance Magnates reported, D1 Capital Partners invested $200 million in the trading provider in August of this year. The additional cash injection on top of this brings Robinhood’s valuation up to $11.7 billion, the spokeswoman said.

The cash injection comes from both new and existing investors in Robinhood and includes Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital, 9Yards Capital, and D1 Capital Partners, the news outlet said.

“We’ve raised an additional $460 million in subsequent closings to our Series G to support our core product and customer experience and new offerings like cash management and recurring investments,” the spokeswoman told Reuters.

The Highs and the Lows of Robinhood

It has been a busy time for Robinhood in recent months. With the onset of the coronavirus pandemic, the commission-free trading provider has seen a big uptick in trading activity and clients.

In fact, the whole industry has witnessed a new wave of traders with many of them first-time traders. However, Robinhood has been credited for helping to make trading popular with millennials.

In June, the trading provider beat its competition in the United States, reporting the strongest daily average revenue trades (DARTs) against its rivals. During June, the trading provider recorded 4.3 million DARTs for the month.

Nonetheless, it has not been all positive for the fintech startup. Since March, the company’s Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term has suffered a number of outages, and, is reportedly under investigation by the United States’ Securities and Exchange Commission (SEC) over its dealings with high-frequency trading firms (HFTs), according to The Wall Street Journal.