Robinhood Raises $320 Million in Latest Funding Push
- The cash influx brings the fintech’s valuation to $8.6 billion
- Robinhood has come under fire for enabling risky trades
Source: Robinhood
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Robinhood Markets Inc. has raised fresh funding as more first-time investors sign onto the app’s simple mobile interface to trade stocks. The latest cash influx of $320 million brings the company’s most recent funding round to $600 million, and values the startup at $8.6 billion.
Robinhood’s climbing price tag makes the fee-free trading app one of the most valuable startups in the country. Its small army of inexperienced traders have also become an at-times unpredictable force on Wall Street. In May, the company had already added more than three million new accounts over the course of the year, it said in a blog post, and added that half of its new customers were first-time investors.