Crypto Trading App Robinhood Set To Raise $200M USD In New Funding

Investing, News | May 27, 2019 By:

Commission-free crypto investing app Robinhood is close to securing $200 million in funding from its financial backers, according to a report by Bloomberg.

Robinhood offers a smartphone mobile app that allows individuals to invest in public companies and exchange-traded funds (ETF) listed on US stock exchanges without paying a commission. Its subsidiary, Robinhood Crypto, offers services for buying, selling, and storing major cryptocurrencies, including bitcoin, ether, Bitcoin Cash, and Litecoin.

Citing a source familiar with the matter, Bloomberg reported that the new funding round would increase Robinhood’s value to between $7 billion and $8 billion, but that the details could change. The funding will reportedly come from existing investors, all of whom asked not to be identified and to keep the details private.

The stock and crypto trading app operator closed its most recent funding round last year at which time a $5.6 billion valuation was attached. In 2017, the firm made $8 billion in revenue and is projected to rake in $47 billion annually by 2020.