Trading App Robinhood Plans Another Funding Round, To Raise At Least $200 Million

Robinhood, a United States-based stock and crypto trading app plans to raise a minimum of  $200 million through a new funding round, as reported by Bloomberg on May 24.

As per an unspecified source familiar with the matter, who was quoted by the publication the company plans to raise their funding further. The said round would purportedly increase the firm’s value to between $7 billion and $8 billion, however, the details could change.

Bloomberg further cites other people familiar with the matter, stating that the new funds come from existing investors who do not wish to be identified, keeping the details private.

Reportedly, while the funding talks are in the pipeline, a new funding round would raise the company’s worth to $10 billion. Notably, the numbers are subject to change until the deal is closed. Robinhood allows zero-fee stock trading and has introduced bitcoin (BTC) and ether (ETH) trading last year in January.

Earlier this week, Robinhood officially launched its crypto trading app in New York after it acquired a BitLicense in January in 2019 by the New York State Department of Financial Services.

Start spreading the news, Robinhood Crypto is officially in New York now. Trade Bitcoin, Ethereum, and other crypto in New York State.https://t.co/HGyvW8NUk9 pic.twitter.com/K2XfXZukXO

— Robinhood (@RobinhoodApp) May 23, 2019

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