Robinhood Now Worth $8.6 Billion After New $320 Million Funding Round
As Finance Magnates reported, Robinhood has secured a $320 million at an $8.6 billion valuation in a round led by previous investors as well as new backers including TSG Consumer Partners and IVP.
Earlier in May, the popular app had landed an $8.3 billion valuation after it raised $280 million in Series F funding. The round was led by Sequoia Capital, one of Silicon Valley’s biggest venture investors, and was joined by returning investors, including NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.
Hacker Gains Control of Binance, Bitfinex and CoinDesk Twitter Accounts
In the well-publicized Twitter hack, Finance Magnates reported that the social media accounts of at least six crypto exchanges and media outlets were also temporarily taken over on Wednesday afternoon. Outside the crypto domain, Bill Gates and Elon Musk had their Twitter accounts hijacked as well.
Binance’s CEO warned Twitter users of the scam within a few minutes of the hack, but his warning was hidden and blocked by the hackers, and then his handle itself was hacked.
FCA Slammed by its Watchdog over Complaints Handling
The UK financial markets regulator, the FCA, has found itself in hot water over significant shortcomings in handling of investors’ complaints as its relevant capacity were not coping with “the volume and complexity.”
In a report published by the Complaints Commissioner Antony Townsend, the City watchdog was criticised for not expanding its complaints team that had been “inadequately resourced and put under stress.” Townsend also noted the situation had “considerably worsened” over the past year and slammed the FCA for failing to consult on improving the complaints scheme, including clarity on compensation.
FXCM UK Sees 71.6% Drop in Turnover YoY in 2019, Reduces Losses
FXCM UK posted a loss of $1.04 million for the year. Although the company still closed out the year on a loss, the loss is actually less on a yearly comparison, as the broker posted a $4.3 million loss in 2018.
Turnover during the 12 month period came in at $16.72 million. When measuring this against the previous year, which, as Finance Magnates reported, achieved a turnover of $58.8 million, it is lower by 71.6 per cent.
British Fintech Moneybox Raises £30 Million Doubling Valuation
Finance Magnates covered the continued rise of Moneybox this week.
Moneybox, a British savings and wealth management platform, has announced that it closed a £30 million ($38 million) Series C funding round earlier this year, participated by both its existing and new investors.
The funding round was led by co-led by Eight Roads and new investors CNP, and was also participated by Breega
In one of the most highly-anticipated online events of the Summer – the TradeOn Summit – thousands of traders have already signed up.
As the financial and economic rollercoaster shows no signs of stopping, retail traders are as active as ever, seeking opportunities and clarity. This has resulted in the perfect backdrop for the TradeON Summit 2020.
Over 5,000 traders are expected to tune in, attend educational sessions by world-class analysts, and stay abreast with cutting edge tools and unique offerings on July 28th.
You can get more information on the spectacular line-up and register for free here.