Robinhood, the popular investing app that allows the investors to invest without charging them anything is planning to raise funding.
Robinhood is currently planning to raise $200million.
After the fundraising, it is said that the company’s value will be anywhere between $7 and $8 billion.
According to the reports of Bloomberg, all these new investments in the app will be made by the existing investors of the application. The Investors, however, don’t want their names to go public, and they want the company to keep their identity as hidden.
It is said that Robinhood could plan one more round of funding after this one. The company is expecting it’s value to cross $10billion.
The popularity of Robinhood is next to none. Thanks to its offering of zero fees on all the investments.
The valuation of the company’s fundraising last year was whopping $5.6billion. The company considered it as an initial public offering.
Today, Robinhood serves more than 4million users, but it always wasn’t easy.
On the podcast, “Success! How I did it” co-founder, Vlad Tenev told, “there were many people who didn’t believe in the idea. We were relentless, and we had to knock a lot of doors.”
Currently, users can buy seven different cryptocurrencies.
The categories include Bitcoin, Bitcoin cash, Ether, Litecoin, and Dogecoin.
Recently, the company extended its cryptocurrency trading service to New York, with the help of BitLicense it received in January this year.
Earlier, in March, the Robinhood made its first major acquisition by acquiring Market Snacks.
Market Snacks is the most preferred financial newsletter, which later was renamed as Robinhood Snacks.
As per Nick Martell, the co-founder of Market Snacks; the company operates independently just like any other newsletter and news company, committed to the principles of the independent firms, editorials, and news companies.