Robinhood raises $3.4 billion to fuel record customer growth

By Edil Corneille

Robinhood has raised $3.4 billion to continue to invest in record customer growth, including $1 billion in funding announced on January 29. This funding is a strong sign of confidence from investors and will help Robinhood build for the future and continue to serve people through the growth seen this year, as mentioned by the company.

In a press stated that it is witnessing a movement of everyday people taking control of their own financial futures, many investing for the first time through Robinhood. With this funding, the company will build and enhance its products that give more people access to the financial system.

Robinhood will also continue to invest in expanding access to financial literacy in service of its mission to democratise finance for all. The company mentioned that it looks forward to sharing more details in the coming months.

The round was led by Ribbit Capital, with participation from existing investors including ICONIQ Capital, Andreessen Horowitz, Sequoia, Index Ventures, and NEA with terms being finalised.

“Robinhood has served millions of people who have felt left behind by America’s financial system. We’re confident that Robinhood will emerge stronger through this phase of growth and unprecedented demand,” said Micky Malka, Managing Partner, Ribbit Capital.

“This round of funding will help us scale to meet the incredible growth we’ve seen and demand for our platform. We are humbled by our customers’ response to our offering, and remain inspired by everyday people taking control of their financial futures,” said Jason Warnick, CFO, Robinhood.