Bitcoin-friendly Robinhood platform’s valuation reaches $11.7 billion

Robinhood, the operator of a mobile app for trading stocks and cryptocurrencies, has a market capitalization of $11.7 billion after the successful closing of its Series G financing round, Reuters reports.

The fintech startup attracted $460 million from Andreessen Horowitz, Sequoia Capital, DST Global, Ribbit Capital, 9Yards Capital. An additional $200 million was raised from D1 Capital Partners after extending the round.

In May, after raising $280 million from Sequoia Capital and other investors, the company was valued at $8.3 billion.

According to Crunchbase, this year Robinhood has raised $1.26 billion from investors. Over 18 funding rounds in its history, the company has attracted $2.2 billion.

“Additional funding will support our core product and level of customer service. We will also introduce new services such as liquidity management and recurring investments,” a spokesperson for the startup told the publication.

Reuters notes that the growth of interest in Robinhood is driven by the expansion of retail investor trading activity during the COVID-19 pandemic. This was not impeded even by a string of serious outages in the app.

Earlier this month, it was reported that the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) will investigate Robinhood’s conduct amid user discontent.

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