The $280 million was raised at Series F funding. This round was led by Sequoia Capital.
In the Series F funding round existing and new investors were present including NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.
Robinhood managed to raise capital several times in 2019, including a $323 million mid-year Series E that valued the company at around $7.6 billion. With regards to the new funding, Robinhood has raised $1.2 billion to date.
Although the unicorns recent value estimation at $8.3 billion may seem overwhelming, it is the smallest valuation gain Robinhood received in between funding rounds (from Series D to series E the gain was about $2 billion).
Robinhood recorded around $60 million in revenue during March 2019 which was triple the amount to what it recorded that particular month a year ago.
It stays unclear if the tradeapp unicorn will be able to continue that pace of revenue generation during the rest of 2020.
“Robinhood has made the financial markets accessible to the masses, and in turn, revolutionized the decades-old brokerage industry,” said Andrew Reed, partner at Sequoia, in a statement. “We’re excited to further our relationship with Robinhood, which we believe is at the beginning of its opportunity.”
Some fintech experts also speculated that Robinhood’s investors may also be gearing up for the company to be acquired.
“13 million users is a lot of users, but $280 M is a lot for an outfit that can’t keep up with trading volume,” said one fintech insider. “I guess they could still be an acquisition target for a big bank, but I don’t see them getting more anything near half of $8 billion.”