Popular trading platform Robinhood Markets has asked banks to pitch for roles in an initial public offering, reported Bloomberg News. The report, citing people close to the development, said that the fintech firm is aiming to go public as soon as the first quarter of 2021.
While no comments were available from the company with regards to the development, the report indicated that the plans might change based on the circumstances and challenges that it will face in the future.
The startup, credited with helping popularize trading among millennials, had said in September that it raised an additional $660 million in a Series G funding round, lifting its valuation to $11.7 billion.
However, going has not always been easy for the company founded by two Stanford University graduates. Earlier this year, US consumer protection agencies received more than 400 complaints about Robinhood, said the report.
Further, nearly 2,000 accounts on the platform were compromised in a hacking spree last month and 10,000 accounts were held hostage, the media added.