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Popular stock and cryptocurrency trading platform Robinhood is launching a fundraising round that would value them at $8.2 billion.
Robinhood Going From Strength to Strength
Austin, Texas-based crowdfunding platform Microventures have been offered a stake in Robinhood’s next round. Having raised funds through the platform previously, Robinhood is seeking to raise funds as part of a Series F raise that would value the company at $8.2 billion.
Its July 2019 Series E raise, which included investments from DST Global, Ribbit Capital, NEA, Sequoia, and Thrive Capital, garnered the commission-free trading app $323 million — crypto’s biggest for the year. Its valuation at the time was $7.6 billion.
The company was rumored to be considering going public last year, but this raise would indicate its expansion plans have some way to play out before it lists publicly.
No Stopping the Consumer Trading App
The offering reveals FINRA’s fining of the company on Dec. 19th for $1.25 million for violations related to the firm’s best execution and order routing practices during October 2016 to November 2017.
It also suffered some recent technical problems in November, allowing some users to take advantage of a flaw that allowed them to make highly leveraged and insufficiently backed trades.
Those hiccups have not stopped the platform from growing. Early in December it crossed the ten million user mark. The app is noted for its design simplicity and ease-of-use. As a trading app that appealed to average investors, its move into crypto in February 2018 was seen as a significant step for bringing cryptocurrencies mainstream.
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