Pop stock and cryptocurrency trading app Robinhood has surpassed its financing goals by raising $280 million in Series F funding at an $8.3 billion valuation.

Publicly announced May 4, the Series F was led by venture majuscule firm Sequoia, alongside existing and new investors that included NEA, Ribbit Capital, 9Yards Upper-case letter and Unusual Ventures.

Last month, Cointelegraph reported that Robinhood had ostensibly been seeking to raise $250 million at an approximate valuation of $8 billion.

Aslope traditional equities and options, the app'southward commission-free crypto trading service supports major coins such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), besides every bit smaller-cap cryptocurrencies similar Ethereum Archetype (ETC) and Dogecoin (DOGE).

Appetite for trading surged during March volatility

Robinhood's enhance comes presently after a serial of high-profile outages on its platform this March — ane of which purportedly made Robinhood traders miss out on the biggest one-day bespeak proceeds in the Dow Jones' history.

The app has nonetheless seen record revenue growth during the COVID-xix pandemic, ascent from $twenty 1000000 in March 2022 to $60 million March 2022.

In its Series F proclamation yesterday, Robinhood said it was "humbled that people are turning to Robinhood" amid "challenging times and market volatility."

Then far in 2022, the app has reportedly added over three million funded accounts; one-half of new users this twelvemonth are apparently outset-time investors.

The aftermath of the March logjam

At the end of March, Robinhood confirmed it had been contacting users affected past the calendar month's outages, pledging to reimburse them in dollars at a sum to be determined on a example-by-example basis.

The company has declined to comment on the full number of affected users. Information technology faces at to the lowest degree one federal class lawsuit filed on behalf of several traders post-obit an outage at the start of March.