Robinhood rival Webull raises new funds at US$1B valuation
Bloomberg News, Bloomberg News
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Webull, the Chinese-owned brokerage that runs one of the fastest-growing retail trading platforms in the U.S., raised US$150 million in a new financing round that gives the startup more firepower to compete with Robinhood Markets.
The fundraising valued Webullâs parent company at more than US$1 billion, people familiar with the matter said, asking not to be identified discussing private information. A Webull spokesperson declined to comment.
The brokerage, founded by Alibaba Group Holding Ltd. alum Wang Anquan, has benefited from the surge in trading by individual investors as stock prices soar to all-time highs. Webull has positioned itself as the go-to platform for disgruntled users of Robinhood, whose restrictions last month on highly volatile stocks including GameStop Corp. sparked outrage from some customers and drew criticism from politicians.