Apple announces $1.6 billion funding round

Apple Inc. announced Monday that it has raised a $1 billion funding investment round from a consortium of institutional investors led by Fidelity Investments, Citigroup, Morgan Stanley, and others.

The fund, led by technology investor Citi, will help to scale up Apple’s consumer electronic trading platform and digital wallet, according to a release from Apple.

Apple’s announcement follows an earlier announcement in March that it had raised $800 million to expand its e-commerce business, which has seen growth in recent years.

The fund, the third round of funding in a period that Apple has seen, was led by New York-based Sequoia Capital, according a release.

Apple is valued at about $80 billion, and has had a rocky relationship with the Federal Reserve since the financial crisis.

Apple last year announced plans to invest $1 trillion in the U.S. economy, including expanding its mobile phone business.

The new round, led out of a $2 billion round Apple completed last year, is expected to close in the first quarter of 2021, according the release.