Robinhood Markets has closed a new round of funding valuing the company at $7.6 billion. That’s up from its latest $5.6 billion valuation in 2018. The company raised $323 million in the most recent deal.
The jump in valuation comes despite problems last year when the Menlo Park, California-based startup announced a new checking service. The product, which advertised an enticing 3% interest rate, quickly encountered backlash over whether and how it would be insured. The company was forced to backtrack on its plans to release the service.
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Robinhood’s new funding round was led by existing investor DST Global. Other backers included Ribbit Capital, New Enterprise Associates, Sequoia Capital and Thrive Capital.
