Stock and Crypto Investing App Robinhood to Raise $200 Million in New Funding

1 min

Robinhood, a famous stock and digital currency investing application that doesn’t charge expenses, is supposedly set to bring $200 million up in another financing round, which will esteem the organization at between $7 and $8 billion.

As per Bloomberg, the investments are originating from existing investors that asked not to be recognized as the subtleties are private. The financing round could be followed by another which could see the organization’s valuation hit $10 billion, the news outlet reports.

These numbers are liable to change until the deal is shut. A year ago, the California-based begin raised assets at a $5.6 billion valuation. As covered the company has considered an initial public offering (IPO).

Robinhood has been developing at a fast pace on account of its reason of no charges for stock and digital money exchanging. The organization as of now has 4 million clients, yet things weren’t in every case simple. Addressing Business Insider’s US Editor-in-Chief on the “Success! How I Did It” digital recording, co-founder Vlad Tenev expressed:

“There were a lot of people who didn’t believe in it, and we had to bang down a ton of doors. We were really relentless.

At present, the organization gives clients a chance to purchase seven distinctive digital currencies, including bitcoin, bitcoin cash, ether, litecoin, and dogecoin. As of late, it extended its digital currency trading service to New York, on account of the BitLicense it got in January of this current year.

In March of this current year Robinhood made its first significant acquisition, as it procured MarketSnacks, a top rated financial newsletter and digital recording with “thousands of subscribers.” The firm rebranded it to “Robinhood Snacks” after the acquisition.

Scratch Martell, one of the co-founders of MarketSnacks, noted at the time that regardless of the acquisition the newsletter would stay independant from the remainder of the organization, and the group was “committed to a set of editorial principles, just like any committed news organization.”

Like it? Share with your friends!