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What downtime? Robinhood fund raise to reportedly boost its valuation to $8B


Robinhood, the popular trading app, is close to securing additional funding that will see it valued at around $8 billion, reports Bloomberg citing people familiar with the deal. The Menlo Park-based startup behind the app is said to soon raise around $250 million, led by seminal VC fund Sequoia Capital, a returning investor. [Read: Data says Robinhood users are really bad at portfolio diversification] Robinhood‘s revenue has seen record growth during the coronavirus pandemic, reportedly around $60 million in March. The increased market volatility has led to new accounts, said Bloomberg’s sources. Robinhood users are still salty about that downtime…

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