Robinhood’s New Offices and User Base Spike
Investing app company Robinhood was recently subject to a massive spike in users after a lot of attention was put on the app with individual investors using it to buy stocks from companies such as Gamestop and AMC. In fact, the business saw over 2.1 million downloads in just a week, a 394% rise in just seven days. The company has no plans to waste its incredible momentum as the rise in business has helped Robinhood begin working on expanding its investing business.
The company recently announced plans to open up new offices in both Seattle and New York City, expanding reach to both coasts and building on the other six offices currently operating. The fintech app business made this announcement while the over 1,500 workers employed at the company are still operating remotely, though there are plans for this to change by August of this year. The fintech app company is also expected to continue hiring as well, scaling up to manage the increased popularity of their service.
When commenting on the new offices, VP of Engineering at Robinhood, Surabhi Gupta said, “Our new offices will enable us to scale to meet our ambitious goals and offer more for our customers. We are delighted to join the vibrant New York and Seattle communities and look forward to welcoming more diverse talent with experience spanning finance, technology, and beyond.”
The investing business plans to operate under a distributed workforce model, allowing for employees to work either full-time or part-time at an office while working from home for the rest of the time.
Robinhood’s New Funding to Manage Increased Popularity
Alongside the announcement of new offices, Robinhood has also been making major financial moves in order to fund the massive increase in transactions. In fact, the business recently raised $3.4 billion in new funding to help support the platform make clearinghouse deposits. The funding was brought in from a variety of investors including Ribbit Capital, Andreessen Horowitz, Sequoia, and several others.
The fintech app company has other exciting plans for the future outside of this as well with the business planning to launch an IPO sometime in 2021 as well. While initially scheduled for some time in Q1, the IPO has been delayed until around May. Robinhood’s IPO would have been launched with a valuation nearly at $20 billion, though even this massive figure could increase given the new funding and extensive increase in new business.
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.