Brokerage app company Robinhood has raised $200 million in a Series G funding round, adding D1 Capital Partners as a new investor.
Robinhood said in a blog post that the new funding elevates its valuation to $11.2 billion. The move comes roughly two months after Robinhood raised $320 million at an $8.6 billion valuation during a round that added TSG Consumer Partners and IVP as new investors.
“With this funding, we’ll continue to invest in improving our core product and customer experience,” the firm said in a statement.
As previously reported by The Block, Robinhood has seen a surge in income from payment for order flow, or PFOF. Robinhood saw its net payment for order increase roughly 98% from $90.9 million to $180.1 million in the second quarter of 2020.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.