Trade stocks for free on the ‘Robinhood’ trading app
Robinhood Co-Founders Vladimir Tenev and Baiju Bhatt on creating the free trading app and how it works.
Robinhood Markets Inc said on Monday it has raised $280 million in a funding round that valued the online brokerage at $8.3 billion as it benefits from new signups amid increased market volatility and stay-at-home orders due to the coronavirus.
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The company, which introduced millennials to equities, options and crypto trading, said the latest round was led by existing investor Sequoia Capital.
Fintech startups have been attracting a flood of investments since last year and the pandemic is accelerating the trend as more customers look to pay without contact and use banking services without stepping into branches.
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Last month, fintech startup Stripe, whose products let companies receive online payments and bill customers, raised $600 million valuing it at $36 billion.
Many of these startups were expected to go public this year, but experts tracking initial public offerings believe the COVID-19 pandemic may have forced many to shift their plans to 2021.
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Robinhood, founded in 2013, disrupted the discount brokerage space by providing commission-free trading, forcing incumbent retail brokers, such as Charles Schwab Corp, TD Ameritrade Holding Corp, and Fidelity Investments to follow suit.
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