Investments

Robinhood Raises $460M One Month After Raising $200M

Robinhood Markets' Newest Funding Round Grows To $660M

Trading FinTech Robinhood Markets Inc. has grown the size of its newest investment round to $660 million, Fox Business reported, citing a representative from the firm.

The new funding is an outcropping of the Series G round unveiled in August for the firm, which is said to have helped millennials become interested in trading.

“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 representative noted.

Sequoia, Andreessen Horowitz and 9Yards Capital are among some of the backers providing the new funds.

The funding highlights investors' interest to provide funds to the firm at a time when it has seen the rewards of higher trading activity on the part of retail traders amid the pandemic.

In August, Robinhood Markets unveiled a $200 million Series G fundraising, bringing its valuation to $11.2 billion.

“For seven years, the team at Robinhood has been focused on enabling more access to the markets for more people,” the company said in a statement at the time. “With this funding, we’ll continue to invest in improving our core product and customer experience.”

At the time, Robinhood said it intended to bring “hundreds” of financial services personnel onboard in 2020 in Tempe, Arizona and Southlake, Texas. “Across all of our locations, we’re adding new team members to help us reduce response times, build more self-service tools and enhance our informational and educational tools,” the company noted.

In July, Robinhood scuttled plans to roll out a stock trading app in Britain.

And in September, Robinhood was probed by the U.S. Securities and Exchange Commission (SEC) regarding its alleged failure to make it known that it would sell customers' orders to high-speed trading companies, according to The Wall Street Journal.

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