Californian startup Robinhood has closed its $200 million G-series funding round. Now the company is worth 11.2 billion dollars. Funds were raised to improve core products and the startup’s customer experience.
As one of the development stages, the startup team hired new employees. Expanding the team, according to Robinhood experts, will speed up the processing time for user requests. Also, the startup team is working on the formation of self-service tools, thanks to which the company’s clients will be able to receive the necessary assistance as soon as possible.
The specialists also drew attention to the growing number of users who are interested in the company’s educational programs. According to the analysis, the number of visitors to information resources has grown by 250% since the beginning of 2020. Users display their growing interest in the possibilities to earn on trading. The company is going to support the trend and work further over educational materials.
Previously, the company was accused of keeping day traders under-informed. One of the reasons was the incident that took place in June after one of its users saw a negative $730,000 balance on his account. A 20-year-old student committed suicide. It exposed the dark side of the small-investing boom. It turned out later that he was trading options not stocks, and the negative balance on the account was temporary. The tragedy could be averted with the proper education of users.