Robinhood reportedly seeking advisers for possible IPO in early 2021

Robinhood Markets Inc. is seeking banking advisers for a potential initial public offering as soon as the first quarter of 2021, Bloomberg News reported Tuesday.

Bloomberg said the brokerage-app company is still mulling its options and may not opt for an IPO when all is said and done. Robinhood did not comment on the report.

The company, founded in 2013, closed a $660 million funding round in September, according to Reuters, for a valuation around $11.7 billion.

Robinhood is popular with younger investors and has rapidly grown its customer base, to 13 million as of May.

But there have been a number of bumps along the way, including a civil fraud investigation by the Securities and Exchange Commission over failure to disclose deals with high-speed traders, network outages and the fallout of a 20-year-old customer who killed himself after believing he had lost $700,000 in leveraged trading.

This article was originally posted by MarketWatch.