Robinhood was able to secure funding despite the economic slowdown due to increased consumer interest in digital investment platforms
The new funding round is being led by returning investor Sequoia Capital and follows the $900 million already raised by the company to date. At least some of the fresh capital will most likely finance addressing the infrastructure-related issues with the app that led to three in early March and caused outrage among users who were temporarily unable to make trades.
There has been a surge in consumer use of digital investment platforms during the pandemic. Mobile trading apps are experiencing a considerable spike in demand amid the increased market volatility. For example, Freetrade saw a jump in new accounts being opened on March 20 compared with the average of the weeks before, and Stake reported that trading volumes were up 52% through March and April versus January and February.
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