Robinhood raises $3.4 billion

Robinhood , the Menlo Park, CA-fintech offering commission-free trading for stocks, ETFs, options, and cryptocurrencies, has raised $3.4 billion. 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 finalized.

“This funding is a strong sign of confidence from investors and will help us build for the future and continue to serve people through the exponential growth we’ve seen this year. We’re witnessing a movement of everyday people taking control of their own financial futures,  many investing for the first time through Robinhood. With this funding, we’ll build and enhance our products that give more people access to the financial system. We will also continue to invest in expanding access to financial literacy in service of our mission to democratize finance for all. We look forward to sharing more details in the coming months.”

“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.” – 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.” – Jason Warnick, CFO, Robinhood.