Fintech startup Robinhood has announced the completion of its Series F funding round, raising some $280 million in fresh capital.
According to a company announcement, the funding round was led by existing investor Sequoia Capital, in partnership with both existing and new investors. Among those participating in the Series F round are 9Yards Capital, Unusual Ventures, NEA and Ribbit Capital, coming in at a valuation of $8.3 billion.
Robinhood said it was “humbled” at the response from investors amid the challenges posed by the global coronavirus crisis: “We added more than three million funded accounts so far this year, and we’re grateful for the opportunity to serve each customer.”
The new funding will be used “to invest in scaling” Robinhood’s platform, as well as towards “building new products, and accelerating build-out of our operations. That means hiring more top talent across all of our offices, including our newest office in Denver,” according to the company.
Sequoia partner Andrew Reid said it was confident investing in Robinhood, on its journey to revolutionizing the brokerage industry.
The investment comes at a time of continued growth for Robinhood, with around half of its new customers in 2020 onboarding as first time investors in financial markets.
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