Robinhood Raises $363 Million To Expand Product Lineup
Robinhood, the fee-free stock trading app, managed to raise $363 million that will be used to expand its new crypto trading platform, Robinhood Crypto.
“In the past few months, we launched more products to further our mission of democratizing financial services and brought your investments together on one platform. We released a web platform with research and discovery tools, introduced commission-free options trading, and launched Robinhood Crypto, with commission-free cryptocurrency trading, now available in 10 states” the official announcement reads.
According to Fortune, Robinhood is now reportedly worth $5.6 billion after the Series D round announced Thursday, quadrupling from $1.3 billion after its last fundraising round a year ago. This funded capital makes Robinhood the 2nd most valuable fintech startup in the U.S. after Stripe, the online payments company.