Robinhood has topped up its latest funding round with an additional $460 million investment.

The latest capital injection came from both new and existing investors, including Andreessen Horowitz, Sequoia Capital, DST Global, Ribbit Capital, 9Yards Capital and D1 Capital Partners.

A spokesperson explained that the money will be used to “support our core product and customer experience and new offerings like cash management and recurring investments”.

The low-fee investment platform raised $200 million as part of a Series G round just over a month ago at a valuation of $11.2 billion, with the latest raise taking that to $11.7 billion.

This year Robinhood has raised over $1.2 billion, as it rides the wave of DIY traders using its app during the Coronavirus lockdown. This surge in popularity has not been without its problems though, with app outages in the Spring causing some users to lose large sums of money, with class-action lawsuits filed in California, Illinois and Florida.

Robinhood’s planned move into the UK market also stalled, despite more than 25,000 people signing up on this side of the pond, with the firm stating that it would instead focus on “strengthening our core business in the US making further investments in our foundational systems”.

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