The Robinhood cryptomoney and stock trading application has raised $200 million in a new round of funding.
In a blog post on August 17, Robinhood said it had raised $200 million in a round of funding for the G Series. Robinhood said the platform is now valued at $11.2 billion, according to D1 Capital Partners.
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The trade application said the investment would be used to improve its “core product and customer experience.
Robinhood recently raised $320 million in a funding round in July with a valuation of $8.6 billion, with investors such as TSG Consumer Partners and IVP, and $280 million in a Series F funding round with a valuation of $8.3 billion in May.
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The reports of the fight against the blackouts
The “customer service” that Robinhood said it would improve on could refer to the multiple blackouts the platform has suffered this year.
Cointelegraph reported in April that Robinhood attempted to raise additional funds in part in response to the platform’s collapse three times during peak trading in March. Many Bitcoin Trader reported large losses from not being able to access their accounts and demanded compensation.
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However, the platform remains popular with younger traders because of its user-friendly “gamified” interface, which has enabled 3 million new accounts to be gained in the first quarter of 2020. Despite having earned USD 280 million in a Series F round led by private equity firm Sequoia, the trading application was once again shut down temporarily on June 18 without warning.
Robinhood has postponed its UK launch “indefinitely” and has made no announcement regarding its expansion into other global markets. A company spokesman said it would focus on strengthening its core business in the United States.