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Fintech unicorn Robinhood under control of legislation during March break



(Reuters) – Robinhood Markets Inc., fintech startup credited with helping to popularize millennials, is being investigated by the US Securities and Exchange Commission and the Financial Regulatory Authority over its handling of a system outage in March, Bloomberg News reported on Monday.

A focus area for the investigation is Robinhood's lack of customer response, the report says, referring to people with direct knowledge of the discussions.

Robinhood is one of the hottest fintech startups in Silicon Valley, valued at $ 11.2 billion in its most recent funding round.

However, the company has been criticized for not doing enough to exaggerate after one of its customers took his own life in the belief that he had lost more than $ 730,000 with the free trade app

Robinhood, based in Menlo Park , California, has experienced several disruptions since early March, especially on days of high trading volumes.

The SEC and FINRA did not immediately respond to Reuters' request for comment. Catalog

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