Robinhood raises $280m at $8.3bn valuation

Robinhood has raised $280 million in a Series F funding round, valuing the trading app at $8.3 billion valuation.

The round was led by existing investor Sequoia Capital, with participation from existing and new investors, including NEA, Ribbit Capital, 9Yards Capital and Unusual Ventures.

A statement from the US FinTech stated that despite recent outages, it has added more than three million funded accounts so far this year. "We’re also proud to have built a platform that empowers people: half of new Robinhood customers this year were first-time investors."

With this funding, the company stated it would continue to invest in scaling the platform, building new products and accelerating build-out of operations. "That means hiring more top talent across all of our offices, including our newest office in Denver."

Andrew Reed, partner at Sequoia, commented: “Robinhood has made the financial markets accessible to the masses, and in turn, revolutionised the decades-old brokerage industry."

Last July, Robinhood announced a $323 million Series E round, valuing the company at a $7.6 billion.

Late last year, the commission-free investment platform revealed it was set to launch in the UK in early 2020.

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