The operator of the mobile application for trading stocks and cryptocurrency Robinhood company Robinhood Markets Inc. announced the closure of a round of financing for the E-Series, which resulted in an impressive $ 323 million. The company's capitalization then rose to $ 7.6 billion.
We're happy to announce a $ 323M Series financing at a $ 7.6B valuation. This funding will go towards our mission — democratizing our financial system for all. https://t.co/jLGbN5qGG1 pic.twitter.com/8UPypr84LN
– Robinhood (@RobinhoodApp) July 22, 2019
The financing round was led by investment company DST Global, and Ribbit Capital, NEA, Sequoia and Thrive Capital also contributed.
The company intends to direct the raised funds to business expansion and the creation of new financial services, calling this process "democratization of finance for all."
Recall that the ability to trade cryptocurrencies through the Robinhood app was first implemented in February 2018 . Today, the company supports leading assets such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and Ethereum Classic.
In January of this year, Robinhood received BitLicense – a license to work with virtual currencies from the Financial Services Authority of New York (NYDFS), and the official launch of the application in the state took place on May 23.
It is noteworthy that in 2017 Robinhood was estimated at only $ 1.3 billion . The introduction of cryptocurrency, however, accelerated the growth of the user base and fueled interest from venture investors. So, last year, the Robinhood managed to attract $ 363 million, with which the company's capitalization was $ 5.6 billion .
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