New York (CNN Business) Robinhood, the free trading app benefiting from millennials betting on stocks, is now worth more than traditional gambling companies MGM and Wynn. The startup announced Monday it raised another $200 million in funding, pushing its valuation to $11.2 billion. That's up sharply from the $8.6 billion valuation Robinhood achieved in a separate round of funding that closed last month. As of early May, Robinhood reported adding more than 3 million users in 2020. Daily average revenue trades, another key metric that tracks the number of trades that earn the company revenue through commissions or fees, more than doubled between the first and second quarters, according to Robinhood.

Source: CNN August 17, 2020 16:52 UTC