Stock-trading app confidentially filed for an initial public offering with the , Tuesday.
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The Menlo Park-based company already made the decision to list its shares on the Nasdaq, according to a previous report from. It is unclear at this time whether Robinhood will choose a traditional IPO or a direct listing.
Since its founding in 2013, Robinhood raised a in known venture funding, according to Crunchbase data. Prominent backers include , and .
It most recently raised from an investor group led by . This followed an extraordinarily high volume of trading in late January after individual investors drove up shares of video game retailer聽and a handful of other stocks, in a kind of retaliation against hedge funds they claimed were shorting those shares.
Robinhood, credited with bringing new retail investors into the stock market, is valued at $20 billion and has a growing list of retail-trading competitors which are raising significant venture funding and gaining traction in the trading platform space.
The company is the latest in a string of companies to enter the public markets. Venture-backed companies that have filed to go public recently include,, and.
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