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Robinhood raises another $460m

Robinhood raises another $460m

Stock trading app Robinhood has increased the size of its Series G funding round to $660 million at an $11.7 billion valuation, according to Reuters.

The company initially said in August that its Series G raised $200 million from D1 Capital Partners at an $11.2 billion valuation. The new money comes from the likes of Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital and 9Yards Capital.

A spokesperson tells Reuters: "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."

In 2020 alone, Robinhood has already raised around $1.25 billion as speculation fizzes that a public listing could be on the horizon.

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 spike in demand has exposed operational constraints in its technology platform, with the firm experiencing a number of outages throughout March.

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