The commission-free online brokerage, Robinhood Markets, is valued at $11.2 billion with the new investment of $200 million in Series G funding, by investor D1 Capital Partners L.P. With the latest investment, Robinhood has now raised a total of $1.7 billion.
The latest funding comes after the startup added $320 million to a funding round in July and $280 million it raised in May, bringing the total investment to $600 million with a valuation of $8.6 billion.
According to Reuters, the latest funding round is seen as a step toward an initial public offering (IPO) by the company. “For seven years, the team at Robinhood has been focused on enabling more access to the markets for more people,” the company said in a statement. “With this funding, we’ll continue to invest in improving our core product and customer experience.”