Investors continue to pour money at rising valuations into Robinhood despite the popular investing app facing multiple outages on some of the most volatile trading days in market history earlier this year.
Robinhood’s most recent round comes after a $323 million Series E in July 2019 at a $7.6 billion valuation.
In a blog post about the news, Robinhood announced it had added three million funded accounts since the start of the year.
“Robinhood has made the financial markets accessible to the masses, and in turn, revolutionized the decades-old brokerage industry,” said Andrew Reed, partner at Sequoia, in a statement.
“We’re excited to further our relationship with Robinhood, which we believe is at the beginning of its opportunity.” The growth came despite significant outages that plagued the fintech in early March.
In a note posted on its blog, Robinhood’s cofounders, cited “Stress to its infrastructure” from an “Unprecedented load.” In an interview with Fortune regarding the raise, Vlad Tenev, co-CEO and cofounder, described the outages as a “Curveball.” As for the new funding, Tenev earmarked it for further growth.
In November 2019, some Robinhood users uncovered an “Infinite leverage” glitch.