Robinhood is a San Francisco-based company. It was a stock trading app for millennials at first. After a while it turned and introduced cryptocurrency trading services on its platform. The customers from five states in U.S are able to trade crypto on Robinhood. The states consist of Massachusetts, California, Montana, Missouri and New Hampshire. The app provides some extra features such as following the crypto news and discuss about the price fluctuations. In the latest news, Robinhood raises $200 million in funding round. Now the total value is around $11.2 billion.
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Robinhood raises $200 million in funding round; the total value is around $11.2 billion
Recently, Robinhood stock and crypto trading app had founding round. This platform could add $200 million in round G and makes its total value to $11.2 billion.
The Robinhood platform posted on its blog on Aug. 17 that it could raise $200 million in a new funding round. D1 Capital Partners announced that now the total valuation of Robinhood is roughly $11.2 billion.
The platform explained that the raised fund will be used in order to improve the users experience and core products.
Robinhood had few raising found rounds previously as well. They could attract investors such as TSG Consumer Partners and IVP, when the total valuation was around 8.6 billion. They could also raise around $280 million in series F funding round.
Improving user experience
The platform suffered from multiple outages this year. for this reason, the company planned to use the raised funds in order to improve the user experience.
As reported previously, the platform experienced outage three times at the peak of trading in March. Many investors and traders complained about the service quality. Many reported heavy losses and asked for compensation from the platform.
Although the platform experienced bad day, still many traders, especially young generation prefer to use Robinhood. In fact, its user friendly interface made it popular among them.