Popular stock trading app Robinhood is confidentially going public keeping some information under wraps. The firm is currently valued at $12 billion. The IPO could lift its valuation to over $20 billion. Last year, according to reports, Robinhood hired Goldman Sachs to lead its efforts of going public.
Robinhood faced a lot of criticism during Gamestop saga and with more than 50 lawsuits.
When the GameStop stock story was at its height, Robinhood faced a major backlash from traders as it had to stop trading for a while. When it resumed, it raised $1 billion as a security deposit for the clearinghouse. Robinhood raised another $2.4 billion in February from investors to fulfill the demand of a $3 billion trading collateral.
Robinhood faced a lot of criticism during Gamestop saga and with more than 50 lawsuits. Fintech companies like Robinhood are attracting a lot of investors because of the ease-of-use with rise in digital trading during the COVID-19 pandemic.