Online trading app Robinhood has secured $200m in series G funding from New York-based D1 Capital Partners, taking its valuation to more than $11.2bn.
The latest round of funding helped the company to increase its valuation from $8.6bn, when the last round of funding that took place last month, injecting $320m.
It is also the third major investment in the firm in the last five months, increasing its valuation by nearly $3bn.
In May this year, the firm had secured $280m from existing investors including Sequoia Capital, with participation from existing and new investors including NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures. Back then, the firm was valued at $8.3bn.
Robinhood stated that the funding will be enable it to provide more access to markets for more people.
The firm said: “With this funding, we’ll continue to invest in improving our core product and customer experience.
“We’re inspired by the ways people are using Robinhood to learn more about the markets. The last several months, in particular, have demonstrated that participation in the markets can be powerful for people. We’re also seeing that our customers are using this time to educate and inform themselves.”
Robinhood sees 250% increase in average unique daily visits to its Learn resources
The company reported a 250% increase in average unique daily visits to its Learn resources from early this year. It published over 650 articles on Learn, which is designed to offer easily-digestible information on the basics of investing, market trends, and financial terms.
In its blog, Robinhood further said: “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.
“With our latest round of funding, we’ll continue empowering people in their financial lives and enabling a more democratic financial system.”
