Robinhood, a discount online broker, has raised another $ 2.4 billion from investors amid the recent extreme market volatility, the company said on Monday.
That’s $ 3.4 billion that the company raised last Thursday, a sum more than the amount it has raised in its entire history.
“This funding is a strong sign of investor confidence and will help us build for the future and continue to serve people through the exponential growth we’ve seen this year,” said a statement from Robinhood.
“We are seeing a movement of everyday people taking control of their own financial futures. Many are investing for the first time through Robinhood. With this funding, we will develop and improve our products that allow more people to access the financial system.” added the company.
Robinhood was at the center of the storm last week as private investors put pressure on hedge funds that had bet heavily against stocks like GameStop and AMC Entertainment.
As the companies’ stocks rose, Robinhood severely restricted the purchase price of its customers, mostly younger and smaller investors.
Robinhood did not immediately return a request for further comment.
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