Robinhood Markets Inc., the online brokerage that’s suffered repeated outages during recent market turmoil, is close to raising new funding at a valuation of about $8 billion, according to people familiar with the matter.

The Menlo Park, California-based startup is raising about $250 million from investors led by Sequoia Capital, said the people, who asked not to be identified because the details are private.

The new $8 billion figure is a pre-money valuation, the people said, meaning it refers to the value assigned to the company before the latest round of funds is received.

A final deal hasn’t been reached and might not be, the people said.

Robinhood has seen record revenue growth during the coronavirus pandemic, the people said.

The firm had about $60 million in revenue in March, roughly tripling from the same month last year, one of the people said.

Another financial technology startup, Carta Inc., the software company formerly known as eShares, said Wednesday it’s cutting 16% of its workforce, even as it seeks an additional $200 million in funding, according to people familiar with the matter.