Allianz chief economic adviser Mohamed El-Erian argues apps like Robinhood are reducing the barriers to retail entry. He also provides insight into the coronavirus pandemic, initial jobless claims, earnings and how to allocate capital in the current market environment.
NEW YORK – Robinhood Markets Inc, the financial technology startup credited with helping popularize trading among millennials, has increased its latest funding round from investors to $660 million, a spokeswoman for the company said on Tuesday.
Continue Reading Below
The new fundraising is an extension of the Series G round which was announced last month, when D1 Capital Partners invested $200 million in the company, and will give Robinhood an $11.7 billion valuation, the spokeswoman said.
ROBINHOOD TO STOP SHARING APP’S POPULAR STOCKS
The new cash is coming from new and existing investors in Robinhood, including Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital, 9Yards Capital, and D1 Capital Partners.
“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 spokeswoman added.
The fundraising underscores investor appetite to back Robinhood as the company benefits from increased trading activity by retail traders during the COVID-19 lockdown.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Robinhood’s latest fundraise will take the amount of capital it has raised from investors in 2020 to around $1.25 billion, and the total amount of capital secured to more than $2 billion, according to Reuters calculations based upon PitchBook data.
