Robinhood, the popular stock-trading app, has hired Goldman Sachs to lead its initial public offering (IPO) in 2021, Reuters reported.
December 9, 2020, | AtoZ Markets – Robinhood Market, which provides the stock trading app “Robinhood,” has selected Goldman Sachs to lead the IPO. According to Reuters, Robin Hood’s corporate value is estimated at $20 billion. In the most recent funding round in September this year, it was valued at $11.7 billion.
So far, it has raised more than $2 billion, according to US research firm Pitchbook, and has been funded by major VCs such as Andreessen Horowitz, Sequoia Capital, and D1 Capital Partners.
Robinhood, which helped popularize commission-free stock trading, particularly among millennials, has seen a new generation of novice traders flock to its stock, options, and cryptocurrency trading platform during the covid-19 pandemic.
Notably, the Robinhood platform was founded only in 2013, and its client base grew to 13 million users in May.
As a reminder, Robinhood raised $660 million in September this year, reflecting its total value of $11.7 billion.
We also recall that a month ago, AtoZ Markets reported that almost 2,000 brokerage accounts on the Robinhood platform were compromised as a result of a hack attack. This hack became the largest in the history of Robinhood. Moreover, the affected customers claimed that they had two-factor authentication installed.
At the same time, angry users flooded Twitter and Reddit with calls to destroy Robinhood after the support service showed its incompetence and did not stop the theft of money.
Think we missed something? Let us know in the comment section below.