Robinhood Markets Inc. is expanding as it looks to put the recent trading debacle in its rearview mirror.
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The Menlo Park, California-based trading app developer will open offices in New York City and Seattle as it looks to scale its business and better serve its customers.
The New York office will allow for coast-to-coast market coverage while the Seattle office will allow for investment infrastructure, security and privacy.
“Our new offices will enable us to scale to meet our ambitious goals and offer more for our customers,” said Surabhi Gupta, Robinhood’s vice president of engineering.
Robinhood is looking to fill those offices with “world-class talent” in the areas of engineering, product, operations, design, research, marketing, compliance, and elsewhere.
Employees are currently expected to work remotely through August 2021, and will begin a phased return to the office once the company’s COVID-19 taskforce approves.
A Robinhood spokesperson told FOX Business that the office plans for the new locations were in the works before the company raised a total of $3.4 billion in late January and early February after a surge in trading volume strained its ability to meet clearinghouse deposit requirements.
The money raised was more than Robinhood had previously accumulated in its almost eight-year history.
Robinhood was previously expected to launch an initial public offering in the first quarter of this year, potentially at a valuation of more than $20 billion; however, those plans have been delayed until possibly May, according to the weekly newspaper Barron’s.