The Alphabet and Roc Nation-backed share trading platform operator reportedly secured the equity funding together with up to $600m in debt financing.
Robinhood, the US-based online trading platform developer that counts internet technology group Alphabet and entertainment agency Roc Nation as investors, confirmed yesterday it has raised $3.4bn in new equity funding.
Venture capital firm Ribbit Capital led the round, which also featured existing investors including Iconiq Capital, Andreessen Horowitz, Sequoia, Index Ventures and New Enterprise Associates (NEA).
A New York Times report on Friday stated the company had secured $1bn in equity financing from existing investors including Sequoia Capital and Ribbit Capital together with $500m to $600m through a credit line from six banks.
Robinhood operates an online platform that enables users to trade shares without paying commission, and recorded a recent high of 2.6 million daily users last week.
The extra cash was needed to cover minimum levels of capital required to meet regulatory demands related to a considerable growth in the trading of ‘meme’ stocks such as GameStop, AMC…
