Commission-free online trading app Robinhood now has a valuation of about $11.2 billion after its latest funding round.
In a Series G round, the New York investment firm D1 Capital Partners put $200 million into Robinhood, the company said.
The Menlo Park, Calif., company in May secured a $280 million funding round that valued the company at $8.3 billion.
In June, Robinhood hosted more than 4.3 million daily average trades, ahead of more established rivals like TD Ameritrade and E-Trade.
Robinhood more than doubled its number of daily active trades in the second quarter year over year.
And it now has more than 13 million users, about 3 million of whom joined since the coronavirus pandemic.
But it has been a bumpy few months for the company as calls for regulatory scrutiny increased after the company's services went off line during high-volatility market trading.
In June, a college sophomore using Robinhood committed suicide reportedly after misreading his financial statement and incorrectly thinking that he had a negative cash balance of $730,165.
Since then, Robinhood has emphasized education on its platforms as the company has attracted many millennial retail investors.
Robinhood is thought to be considering a public listing in the coming months as the initial public offering market has been robust in 2020 despite the economic uncertainty generated by the pandemic.
The company, which launched in 2013, enables users to trade stocks on its platform with no commissions.
TD Ameritrade (AMTD) - Get Report was the second most popular trading platform, with 3.84 million DARTs, while Interactive Brokers (IBKR) - Get Report had less than half that with 1.86 million, Charles Schwab (SCHW) - Get Report had 1.8 million, followed by E-Trade's 1.1 million DARTs in June.