Trading app Robinhood Markets Inc. has filed for an initial public offering confidentially with the Securities and Exchange Commission, Bloomberg reported citing people familiar with the matter.
The company’s IPO could occur in the second quarter but the timing of it could change, Bloomberg reported citing one of the sources. Also, the company has selected Nasdaq for its listing.
The news outlet previously reported that the trading app was planning to file for this IPO month.
Robinhood, which is based in Menlo Park, California, has raised $5.6 billion in funding to date, according to Crunchbase News. On Feb. 1st, Robinhood announced it had raised an additional $2.4 billion in a round led by Ribbit Capital with participation from existing participation from existing investors including ICONIQ Capital, Andreessen Horowitz, Sequoia, Index Ventures, and NEA to invest in customer growth. A couple of days earlier, Jan. 29, Robinhood raised $1 billion in a funding round.
In late January FinLedger reported that the top cops in two of the country’s biggest states are turning up the legal heat on Robinhood and other wealthtech platforms in the wake of the GameStop stock debacle, with one of them saying the situation “stinks of corruption.”
Robinhood aims to “democratize finance for all,” according to its LinkedIn profile, and offers commission-free trading on its platform. The company competes with others like digital investment platform Public.com.