Robinhood Market Inc. providers of the commission-free mobile trading app, Robinhood on Thursday announced that it has raised $363 million to expand its product line including its Robinhood Crypto.
The U.S.-based financial services company in its statement said the new funds from its Series D round of funding will be utilized in to expand infrastructure, operations, and recruitment.
Robinhood Crypto: Building the Largest Cryptocurrency Exchange
Following its launch of a cryptocurrency trading platform in February, Robinhood has set its sights on a rapid expansion of its cryptocurrency services. Robinhood Crypto is now available in 10 U.S. states and is set to reach the whole country by the end of the year. Robinhood’s co-founder and co-CEO Baiju Bhatt confirmed the company’s ambition in an interview with Fortune. “We expect by the end of the year to be either the largest or one of the largest crypto platforms out there,” he said.
Along with Robinhood Crypto, the company launched a cryptocurrency tracking service which covered 16 cryptocurrencies as well as a crypto discussion platform Robin Feed for its users. Apart from California, Massachusetts, Missouri, Montana and New Mexico, the app is now available in five other states; Colorado, Mississippi, Wisconsin, Florida, and Michigan.
Another successful Investment Round for Robinhood
Robinhood, which is valued at about $5.6 billion have enjoyed successful investment rounds; this Series D round, another good activity for the company. This latest round of funding was led by DST Global and received investments from new investors Iconiq, Capital G, Sequoia Capital, and Kleiner Perkins; and existing investors NEA and Thrive Capital.
Robinhood began with a seed capital of $3 million from investors including Google Ventures, Andreessen Horowitz, Index Ventures, Social Leverage, IT Ventures, and Elefund. Other notable investments include $13 million in Series A funding in 2014; $50 million in Series B funding in 2015 and $110 million in 2017, then valued at $1.3 billion.
The company promised further updates on its cryptocurrency trading app which it launched barely three months before the latest funding.
Video credit: Robinhood blog)