Robinhood Is Set to Raise at Least $200 Million in New Funding
(Bloomberg) — Robinhood Markets Inc. is close to securing at least $200 million in fresh funding, according a person familiar with the matter. The round is said to value the company at between $7 billion and $8 billion, although the details could change.
A Robinhood spokesman declined to comment.
The Menlo Park, California-based startup, which offers free app-based trading, last raised money in mid-2018 at a valuation of $5.6 billion. On top of the new funding, the company is working on launching its retooled cash management service later this year, the people said, after it was forced to temporarily shelve the product following backlash over how it was marketed, and whether it would be insured.
The tech website the Information earlier reported some details of the deal.