Robinhood announced that it raised $460 million in its early G series. The round is worth $660 million and a post valuation worth of $11.7 billion.Interestingly, Robinhood is not alone in building huge fundraising numbers as another US fintech firm, Chime also benefits from fundraising.
Robinhood has reached a total capital of $1 billion in a year, with its fundraising
The American fintech unicorn had raised $200 million of Series G, reaching a total valuation of $11.2 billion, a month ago.
Robinhood is known to provide free securities trading services to consumers through an app. The company has already raised around $600 million earlier this year of two-part F Series. It brought the total capital to around $1 billion for the year.
Chime, a prominent digital banking service provider raised $485 million
American giant Chime also raised around $485 million just a few days ago. It used the general savings and investment boom due to the COVID-19 pandemic to build up it’s fundraising. This round has come less than a year after Chime raised a giant E Series last December. Investors involved are Access Technology Ventures, Dragoneer, Tiger Global, General Atlantic, Whale Rock Capital, ICONIQ, Coatue, and DST Global.
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Chime is one of the digital banking providers that have grown in recent years, both in the US and globally. It is due to the increasing number of smartphone users moving towards online transactions and digital banking services.
Customers opt for digital banking services as the COVID-19 pandemic progresses
It seems that two different American fintech giants have been successful in raising over $1 billion in a year. Chime raised funding in December 2019. CNBC reported that Chime’s revenue would come to around $300 million in 2019. Forbes stated the number to about $200 million.
But each of these numbers included a lot of the growth for the American fintech. The $200 million revenue for Chime has quadrupled from its 2018 result. With stay-at-home guidelines in the COVID-19 pandemic, more and more customers have opted to use banking services without visiting its branches.