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Sunday, August 23, 2020

Robinhood's $200M funding round boosts valuation to $11.2B

Robinhood reports a $200M series G funding from D1 Capital Partners, lifting its valuation to $11.2B from $8.6B, its third major investment in five months.

The news comes about a week after the stock-trading app company announced plans to hire hundreds of additional registered financial representatives to serve its growing number of customers.

In June, Robinhood logged 4.3M daily average revenue trades, surpassing all of the publicly traded brokerage firms.

Last month, Robinhood said it was adding $320M of investment to an earlier series of funding that was announced in April. It announced a $280M round of investment in May.

The company will use this latest funding to improve its core product and customer experience.

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