Robinhood Raises $200 Million In Series G Funding
- The funds were provided by D1 Capital Partners, making the company a new major investor in Robinhood.
- The resources will be used to improve educational products and allow customers to better inform themselves of proper investment practices and current market trends.
Co-founder and co-CEO of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016 in New York City. Noam Galai/Getty Images for TechCrunch
On August 17, Robinhood announced the closure of their Series G funding round, totaling $200 million at $11.2 billion valuation. The company added D1 Capital Partners as a new investor to enable more access to markets while at the same time allowing people to properly educate and inform themselves.
The announcement reads:
“We believe investing at its core is a democratic concept — it allows people to take part in the success of a company or sector they believe in. With our latest round of funding, we’ll continue empowering people in their financial lives and enabling a more democratic financial system.”
The company also wants to expand their learning resources due to the current volatile market conditions, and provide people with the opportunity to learn more about investing, market trends, and finance in general.
Robinhood also stated that the unique visits to their free learning materials have grown 250% since January. With more than 650 articles on Learn, the organization wants to extend their educational campaign while continuing to deliver free, digestible, and easy-to-understand financial news to their 2 million monthly active podcast listeners and 20 million newsletter subscribers.
Furthermore, Robinhood announced that in order to meet customers’ needs, they will be hiring hundreds of new registered financial services representatives in Southlake, Texas and Temple, Arizona, as well as in other locations. With this, the company aims to reduce response times, build more self-service tools, and enhance already-existing products.
- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
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- The investment team behind Temasek’s $275 million investment into FTX prior to its collapse “took collective accountability” and had their compensation cut.
- While the company was the second largest outside investor in FTX, it was one of the first to write off its entire investment only days after the collapse of the exchange.
- The U.S. Department of Justice has seized close to $470 million in Robinhood stock, and an additional $20 million in U.S. currency, as part of its criminal case against Sam Bankman-Fried.
- Lawyers for SBF argued last week that the Robinhood shares were bought legitimately by SBF, using money borrowed from Alameda, and that he was relying on them to fund his defense.