According to the NYT story it sounds like a convertible note or something similar: "Investors who provide new financing to Robinhood will receive additional eq

According to the NYT story it sounds like a convertible note or something similar: "Investors who provide new financing to Robinhood will receive additional equity in the company. The investors will get that equity at a discounted valuation tied to the price of Robinhood shares when the company goes public, two of the people said." https://www.nytimes.com/2021/01/29/technology/robinhood-fundraising.html https://www.nytimes.com/2021/01/29/technology/robinhood-fund...