VC-backed retail brokerage platform Robinhood Markets is set for a valuation of up to $8bn thanks to a new funding round, it is understood.
The company is close to securing at least $200m of new capital from existing investors according to Bloomberg, which cited an unnamed person it said was familiar with the matter.
None of the investors have been identified. Previous investors in the business have included NEA, Index Ventures, Thrive Capital, Greenoaks Capital and DST Global, among others.
Bloomberg reported that the funding talks were ongoing, but the company’s valuation could climb to as much as $10bn in a subsequent round.
Robinhood was valued at about $5.6bn through its most recent funding round in the middle of last year.
The company offers commission-free stock trading and ETF investment through a smartphone app.
Copyright © 2019 FinTech Global