Wednesday 11 March 2020
Popular trading app Robinhood recently maxed out a major credit line in response to suffering multiple system-wide outages, Bloomberg reports. The Menlo Park startup withdrew its entire $200 million credit facility with prominent banks JP Morgan Chase, Barclays, and Citibank during the week of February 24, the outlet’s sources said. A spokesperson told reporters that Robinhood had already repaid the borrowed money, and noted the company has “additional larger credit lines” that it didn’t use at all last week. [Read: Robinhood users are gravitating towards loss-making companies] However, the firm denied the loans were related to its system failures, telling Bloomberg: “Our capital position remains…
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