The operator of a mobile application for trading stocks and the cryptocurrency Robinhood company Robinhood Markets Inc. announced the conclusion of a round of financing for the E-Series, resulting in an impressive $ 323 million. The company's capitalization went to $ 7.6 billion.
We are pleased to receive a $ 323M Series funding at a $ 7.6B rating. This funding will go to our mission – to democratize our financial system for everyone. Https://t.co/jLGbN5qGG1 pic.twitter.com/8UPypr84LN
– Robinhood (@RobinhoodApp) July 22, 2019
The funding round was led by investment company DST Global, and Ribbit Capital, NEA, Sequoia and Thrive Capital also contributed.
The company intends to target the increased funds to business expansion and the creation of new financial services, and calls this process "democratization of finances for all."
Note that the ability to handle 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 New York's Financial Services Authority (NYDFS), and the official launch of & # 39; an application in & # 39; state found on May 23rd.
It is noteworthy that Robinhood in 2017 was estimated at just $ 1.3 billion. However, the cryptocurrency introduction accelerated the growth of a user base and stimulated venture investor interest. That, last year, succeeded in robbing Robinhood of $ 363 million, with the company's capitalization of $ 5.6 billion.
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