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.