Future Finance
Robinhood Is Worth $7.6 Billion After New Funding Round
Robinhood co-founders Vlad Tenev, left, and Baiju Bhatt.
Photographer: Ben Margot/APThis article is for subscribers only.
Robinhood Markets Inc. has closed a new round of funding valuing the company at $7.6 billion. That’s up from its latest $5.6 billion valuation in 2018. The company raised $323 million in the most recent deal. Bloomberg reported in May that Robinhood was seeking to raise money.
The jump in valuation comes despite problems last year when the Menlo Park, California-based startup announced a new checking service. The product, which advertised an enticing 3% interest rate, quickly encountered backlash over whether and how it would be insured. The company was forced to backtrack on its plans to release the service.