Robinhood closed a $200 million Series G funding round meant to drive investments in its core product customer experience, according to Monday press release.
The round was closed at an $11.2 billion from D1 Capital Partners. That’s up from the $8.6 billion valuation reached just weeks ago. The company plans to hire hundreds of new registered financial services representatives throughout 2020 for its Southlake, Texas and Tempe, Arizona offices. Robinhood is also hiring new staff across all offices to reduce response times and improve educational tools, the company said.
“We’re proud that more people than ever are using Robinhood to learn how to invest and manage their finances,” Vlad Tenev, co-founder and co-CEO of Robinhood, said in a statement.
The discount brokerage has surged in popularity throughout 2020 as market volatility attracts hordes of retail investors. Robinhood announced in May it had added more than 3 million new accounts year-to-date, with half of them being first-time investors. More recently, the brokerage announced record June daily average revenue trades – or DARTs – of 4.31 million. The sum trounced those posted by legacy firms TD Ameritrade, Interactive Brokers, and Charles Schwab.
Usage of the company’s education services spiked through the year as more novice investors looked to understand the virus-slammed market. Robinhood’s Learn page saw average daily visitors surge 250% since January, according to the press release. The Series G round comes hot on the heels of an even larger fundraising run. Robinhood upsized its last funding round by $320 million on July 13, bringing its Series F fundraising total to $600 million. The previous funding round was first announced on May 4.