Popular online brokerage startup Robinhood is raising $250M in funding from Sequoia Capital at a valuation of $8B as market volatility drives revenues.
While many startups are struggling to weather the crisis, Robinhood has found increased demand despite several high profile outages of its platform in March. In that month the firms revenue was roughly $60M, three times more than in the same month last year.
The investment from Sequoia is at a pre-money valuation and a final deal may not be reached. Robinhood was most recently valued at $7.6B in a June funding round. Sequoia is an existing investor in the firm along with tech giant Alphabet Inc.