About 200M USD has been raised by Robinhood, an American financial services company headquartered in Menlo Park, California.
The exchange announced on the 17th of August that it had obtained 200 million USD in a Series G funding phase, raising its value to $11.2 billion, as stated by the global investment firm, D1 capital partners.
The trading platform revealed that the investment would significantly enhance major products and improve user experience.
In a series F funding that took place around May, Robinhood secured $280 million at an $8.3 billion valuation, it also raised $320 million in a July funding round at $8.6 billion valuations.
Robinhood could have mentioned that the investment would enhance their customer experience because of the multiple outages they sustained in 2020.
A report from Cointelegraph around April revealed that most Robinhood users claimed they suffered heavy losses during the outage as they couldn't access their accounts. The customers requested for compensation afterwards. Speculations suggest that this could have prompted Robinhood to raise extra funds.
Robinhood is still very popular among younger traders regardless of its gamified friendly interface.
Without prior notification, the platform went down on the 18th of June despite the $280 million it secured in the Series F round led by sequoia.
The commencement of the platform in the United Kingdom has been postponed until further notice. There's no news yet about it expanding into other global markets as it wants to pay more attention and put effort into building its core business in America.
Source: Cointelegraph
