Newly crowned decacorn Robinhood has reportedly jumped straight back in the fundraising market to increase its Series G round to $660m.
The retail investment platform initially closed its Series G round on $200m last month, which had brought its valuation to $11.7bn.
It has now extended the round by an additional $460m, according to a report from Reuters.
The fresh equity was supplied by Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital, 9Yards Capital, and D1 Capital Partners, it said.
Robinhood has allegedly raised this extra capital to support its core product and customer experience as well as implementing new features such as cash management and recurring investments.
It is also looking to hire more staff across its offices to reduce response times and create new tools.
Despite difficulty in securing funding during the Covid-19 pandemic, Robinhood is raising capital rapidly. The FinTech only just closed its Series F round, initially pulling in $280m in May this year. Just a couple of months later it increased the round, with an additional $320m and putting the Series F round total to $600m. The valuation of the FinTech after this was $8.3bn.
The FinTech’s valuation was recently beaten by challenger bank Chime, which has become the country’s largest consumer-focused FinTech. It reached this accolade after a $485m funding round increased its valuation to $14.5bn.
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