Robinhood Trading App Seals $280M In Sequoia-Led Round

Popular inventory and cryptocurrency buying and merchandising app Robinhood has surpassed its funding targets by elevating $280 million in Series F funding at an $8.three billion evaluation.

Publicly introduced May 4, the Series F was led by enterprise capital agency Sequoia, aboard current and new traders that enclosed NEA, Ribbit Capital, 9Yards Capital and Unusual Ventures.

Last month, Cointelegraph according that Robinhood had on the face of it been looking to boost $250 million at an approximate evaluation of $Eight billion.

Alongside conventional equities and choices, the app’s commission-free crypto buying and merchandising service helps main cash comparable Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), additionally to smaller-cap cryptocurrencies like Ethereum Classic (ETC) and Dogecoin (DOGE).

Appetite for buying and merchandising surged throughout March volatility

Robinhood’s elevate comes shortly after a collection of high-profile outages on its platform this March – one all told which purportedly made Robinhood merchants miss out on the most important one-day level reach inside the Dow Jones’ historical past.

The app has however seen file income development throughout the COVID-19 pandemic, rising from $20 million in March 2019 to $60 million March 2020.

In its Series F announcement yesterday, Robinhood mentioned it was “humbled that people are turning to Robinhood” amid “challenging multiplication and market volatility.”

So far in 2020, the app has accordingly added over three million funded accounts; half of latest customers this 12 months are apparently first-time traders.

The aftermath of the March logjam

At the top of March, Robinhood confirmed it had been contacting customers affected by the month’s outages, pledging to recoup them in {dollars} at a sum to be definite on a case-by-case foundation.

The firm has declined to touch upon the entire variety of affected customers. It faces at the very to the last-place degree one federal class causa filed on behalf of a number of merchants following an outage at the beginning of March.

Robinhood Trading App Seals $280M In Sequoia-Led Round

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