Robinhood announced it had 3 million new customer accounts at the beginning of 2020, bringing its total customer base to 10 million. At the time, it also had closed two Series F funding rounds. Now, the pioneering broker of free trades is building on its success by raising $200 million in Series G funding, increasing the company’s valuation to $11.2 billion from D1 Capital Partners.
Robinhood also recently announced that its Daily Average Revenue Trades (DARTs) were 4.31 million in June, which was more monthly trades than Charles Schwab and E-Trade combined, and its DARTs more than doubled in Q2 compared to Q1.
It should come as no surprise that one of Robinhood’s main goals with its latest round of funding is to improve the customer experience. The Menlo Park, California-headquartered company announced on Aug. 11 that it plans to hire hundreds to expand its customer experience teams in Southlake, Texas, and Tempe, Arizona.
“We’ve more than doubled our support team since January and we’ll continue to grow our teams to provide timely, helpful responses to our customers,” Alex Mesa, Head of Customer Experience at Robinhood, said in a statement at the time.
Along with the hiring announcement, Robinhood said it would continue to expand its informational and educational resources for customers to learn about the markets and investing, reduce its response times, and build more self-service tools.
Robinhood plans to use the Series G funding to improve its core product as well as customer experience. One of Robinhood’s focuses in the last seven years has been to enable more access to the markets for more people, which it supports by providing resources to keep its customers informed.
“We’re proud that more people than ever are using Robinhood to learn how to invest and manage their finances. We continue to be laser-focused on providing the best product and customer experience and democratizing finance for all,” Vlad Tenev, co-founder and co-CEO of Robinhood, said in a statement.
Robinhood has received a positive response to its resources with its “Learn” feature’s average unique daily visits up by more than 250 percent since January 2020. The hub of articles provides basic information on investing, market trends, and financial terms.
Another way Robinhood provides resources to its customers is through Robinhood Snacks, its newsletter and podcast that offers easy to understand financial news. The podcast has almost 2 million monthly active listeners with over 20 million people subscribed to its weekly newsletter.
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