The trading app Robinhood, amid the trading frenzy of the last several days, has raised even more money as questions swirl over the capital liquidity issues that surfaced last week.
The company, in a blog post, announced Monday it has raised $3.4 billion, including the $1 billion secured on Friday.
“This funding is a strong sign of confidence from investors and will help us build for the future and continue to serve people through the exponential growth we’ve seen this year” the company stated.
The latest round was led by Ribbit Capital and also included ICONIQ, Andreessen Horowitz, Sequoia, Index Ventures, and NEA.
“Robinhood has served millions of people who have felt left behind by America’s financial system,” said Micky Malka, Managing Partner, Ribbit Capital in the statement. “We’re confident that Robinhood will emerge stronger through this phase of growth and unprecedented demand.”
Robinhood has been smack in the middle of a short-selling frenzy led by Mom & Pop investors. The latest target, on Monday, per reports is silver. The muted metal hit an 8-year high.
This after the same group jumped into a basket of battered companies including GameStop, Bed Bath & Beyond, Blackberry and AMC.
The short-selling craze has drawn the ire of regulators including Sen. Elizabeth Warren (D-MA) and Sen. Chuck Schumer (D-NY) among others.
Source: Fox Business
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