Robinhood, the popular commission-free trading app for stocks, options and cryptocurrencies, is reportedly gearing up to raise more than $200 million.
According to a recent report by Bloomberg that cites insiders familiar with the matter, Robinhood is looking to raise the money at a likely valuation between $7-8 billion. However, the insiders note that the talks are ongoing and this valuation could jump as high as $10 billion.
This news comes roughly a year after Robinhood closed a Series D financing led by DST Global, raising $363 million at a $5.6 billion valuation. The company has made major strides during this period, especially with its cryptocurrency offerings.
Robinhood also recently acquired MarketSnacks, a popular financial news podcast and newsletter by Jack Kramer and Nick Martell. The startup’s first acquisition came shortly after the company launched Robinhood Securities, a new clearing system built from scratch.
Moving forward, Robinhood’s website indicates that ‘cash management’ will soon be joining the platform’s other features.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.