Stock trading app Robinhood raises $110m at $1.3bn valuation
26 April 2017 | 5940 views | 1
Robinhood, the Silicon Valley startup behind a no-commission stock trading app, has raised $110 million in a Series C funding round that values the firm at $1.3 billion.
DST Global led the round, which was joined by existing investors NEA, Index Ventures, and Ribbit Capital, as well as new backers Thrive Capital and Greenoaks Capital.
With traditional retail brokerages such as E*Trade charging fees of anything up to $10 a trade, Robinhood has attracted strong interest for its apps since launching in 2015.
It now claims more than two million users, who have transacted over $50 billion and saved nearly half a billion dollars in commission fees.
Last year the firm launched a paid feature, called Robinhood Premium, which for $10 a month gives users things such as lines of credit and after-hours trading. This product is experiencing 17% month-over-month sign up growth.
The firm says it will use the new capital to accelerate the expansion of products and services, adding that it is "working on a few exciting releases".