Robinhood tops up with $200m Series G round

Robinhood has announced the completion of a $200 million Series G funding round at an $11.2 billion, from D1 Capital Partners.

This follows a $280 million Series F raise in May, when the firm was valued at $8.3 billion.

The new investment will be put towards improving the commission-free trading app's core product and customer experience.

The US-based firm - which recently pulled out of a planned UK launch - said that it is hiring hundreds of new registered financial services representatives this year in Southlake, Texas, and Tempe, Arizona.

"Across all of our locations, we’re adding new team members to help us reduce response times, build more self-service tools, and enhance our informational and educational tools," read a statement.

The app has seen record growth during the last few months, to the point where its infrastructure has sometimes been unable to cope, with several service outages causing investors to lose money and begin legal proceedings against the business.

There have also been criticisms about the lack of safeguards for more inexperienced investors, particularly in response to the death of a 20-year old who committed suicide in June, apparently due to confusion over a negative balance of $730,000 after trading complex options instruments on the app.

Robinhood responded with more resources to help educate its users, and reported that average unique daily visits to these pages were up more than 250 per cent since January.

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