Robinhood has topped up its Series F funding round with an extra $320 million, valuing the stocktrading app at $8.6 billion.
Robinhood said in May it has raised $280 million in its Series F. The extra money, from TSG Consumer Partners and IVP, among others, brings the round to $600 million.
With traditional retail brokerages such as E*Trade charging fees of anything up to $10 a trade, Robinhood has been a hit since launching in 2015, making it one of fintech's most valuable startups.
The firm has added millions of funded accounts just this year and in recent weeks it has seen record revenue growth, with investors keen to take advantage of market volatility during the Covid-19 pandemic.
However, the increased demand has put strain on Robinhood's systems, with the app experiencing several outages during March. The company has promised to compensate investors affected by outages on a case-by-case basis. However, at least one person has already filed a lawsuit.