Robinhood files initial plan to go public.

Robinhood, stock-trading app, Said on tuesday It had filed a draft registration to go public, joining a wave of financial technology companies that plan to list on the stock market or have raised new funds.

The exact time or price of the offer has not been determined. Private market investors have valued Robinhood at around $ 12 billion and some have estimated its initial public offering to be $ 20 billion. Goldman is working with Sachs on its offering, an acquaintance of the company said.

Robinhood used a process Who is known to file confidentially Which allows it to keep some details under wraps in the early part of going public.

Financial technology companies are booming. Sikkabase, a cryptocurrency start-up, is expected to list its shares in the coming weeks, with investors estimating it could be worth as much as $ 100 billion. Stripe, a start-up that provides payment processing services, raised funds this month that totaled $ 95 billion, making it The most valuable start-up in the United States.

Robinhood began planning to go public last year after some people saw an increase in the epidemic with their use Incentive day trading checks.

But it halted those plans in January when a group of online merchants simultaneously banned Increase share prices of so-called “meme stocks” Like GameStop, the reason for short-sellers losing money and forcing exchanges to stop trading certain stocks.

Amid the frenzy, Robinhood prohibited the trading of certain shares, which angered many of its users and nearly drew them 50 lawsuits and multiple investigations from regulators. The company’s chief executive, Vlad Tenev, was called to testify before Congress about the market’s frenzy and Robinhood’s role in it.

Despite the anger, the GameStop incident boosted Robinhood’s name recognition and led to more downloads of its app, which is popular because it charges no fees for stock trading. Robinhood has been criticized for making day trading one Gambling game, Where investors do not always understand the risk they are taking.

Menlo Park, California-based private investor stands. During the frenzy, Robinhood woke up Two rounds Emergency funds totaling $ 4.4 billion in just a few days.

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