Robinhood, a top stock and crypto trading app, appears to be gearing up for an Initial Public Offering (IPO) and has now put plans in motion. The stock trading app has reportedly hired investment bank Goldman Sachs to lead its IPO, Reuters reports.

Citing sources familiar with the matter, Reuters explained that Robinhood planned to raise $20 billion from the IPO. Robinhood plans to go public sometime next year, although the exact time will be subject to market conditions.

Robinhood's IPO plans are well known. Last month the Menlo Park-based company was interviewing bankers to lead its investment round. At the time, the news source claimed that Robinhood was looking at a public offering in the first quarter of the new year. However, unfavorable market conditions could always force it to postpone the plans or shelve them entirely. The app, popular with millennials, has witnessed a wave of generational traders who flocked to its platform during the pandemic.

Robinhood has had a great year financially. The company raised $460 million in September to complete its Series G round. The funding round was carried out by investment stalwarts like Andreessen Horowitz, Sequoia Capital, Ribbit Capital, and others.

Using data from PitchBook, Robinhood has raised roughly $1.25 billion in funding from investors since it launched.

The investment service has gotten a primary boost in 2020, thanks in no small part to the stay-at-home orders. With several traditional investment platforms taking a hit, digital alternatives like Robinhood have become the ideal alternative.

However, 2020 hasn’t all been smooth for Robinhood. Problems started as far back as March when a severe outage left users unable to access their portfolios and complete exchange orders. The blackout had been the third in two weeks, causing several disgruntled users to threaten to sue the company.

Despite offering $15 in compensation to customers, many weren’t pleased. In June, the company also announced operational issues with its stock, crypto, and equities trading services.

Robinhood was once again the subject of criticism in October after a hack led to customer details exposure. Robinhood Markets, a company subsidiary, was also reported to have suffered a string of hacks that left about 2,000 contacts exposed.

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