CNBC’s Kate Rooney takes a look at Robinhood’s latest around of funding as the company is valued at $8.6 billion. Subscribe to CNBC PRO for access to investor and analyst insights:
CNBC Television , Jul 13, 2020
Robinhood raises another $320 million to push its valuation to $8.6 billion
CNBC’s Kate Rooney takes a look at Robinhood’s latest around of funding as the company is valued at $8.6 billion. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2BT2E7y
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Robinhood, an investing app valued at over $5 billion, says it’s trying to “democratize America’s financial system” by making investing accessible to the little guy with free trades. It’s an eye-popping valuation for a financial company with opaque metrics and plenty of competition.
The young company had its share of missteps as well, prompting questions of whether or not it can handle primetime. Robinhood has faced criticism for business practices that allow it to offer free trading. It also botched the rollout of a checking and savings account feature in late 2018, garnering concern from regulators.
But the company’s incredible growth and popularity with younger investors – more than 6 million users by the end of 2018 – means it could be a major player in banking moving forward. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC
Source CNBC
