Investment platform Robinhood has raised $280mn.
In Brief:
This increases the company’s value to $8.3bn.
The app has gained new users during market volatility and people staying at home.
The round was led by Sequoia Capital, and existing investor.
What does this mean?
With the global pandemic actually accelerating some FinTech investments as use of banking and wealth management applications and platforms rises, this has added to the increase in investment we’ve been seeing since last year. Robinhood is the kind of app someone would try while in lockdown, as its commission free investing model aims to make investment more inclusive. Users can “get into the market with as little as £1” and the platform is FCA regulated.
