The new funding round is being led by returning investor Sequoia Capital and follows the $900 million already raised by the company to date. At least some of the fresh capital will most likely finance addressing the infrastructure-related issues with the app that led to three in early March and caused outrage among users who were temporarily unable to make trades.
There has been a surge in consumer use of digital investment platforms during the pandemic. Mobile trading apps are experiencing a considerable spike in demand amid the increased market volatility. For example, Freetrade saw a jump in new accounts being opened on March 20 compared with the average of the weeks before, and Stake reported that trading volumes were up 52% through March and April versus January and February.
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