Published: Sat, May 12, 2018
Finance | By Claude Patterson

Robinhood Raises $363M in Series D Funding

Robinhood Raises $363M in Series D Funding

Stock trading app Robinhood has raised $363 million in its Series D funding round, valuing the firm at $5.6 billion. The Robinhood Markets co-founders achieved that milestone after a recent funding round for the Palo Alto electronic stock brokerage pushed its valuation to about $6 billion, up from $1.3 billion a year ago.

"At Robinhood, we're guided by the belief that America's financial system should work for everyone - not only the wealthy".

Robinhood, a popular stock-trading app among millennials, shook several crypto exchange operators earlier this year by launching its zero fee cryptocurrency trading app in five states across the United States.

In this latest funding round, DST Global led the funding with new investors like Kleiner Perkins, Sequoia Capital, capital G and Iconiq Capital all taking part. The company, however, is pushing to expand its operations to more states in a bid to make cryptocurrency trading accessible to a wider audience.

Robinhood has 4 million brokerage accounts on its platform compared to E-trades 3.7 million accounts.

The announcement comes just a few months after Robinhood launched its commission-free crypto trading platform, which is now available in 10 USA states.

The company's co-CEO Baiju Bhatt told CNBC that Robinhood has more than $150 billion in transaction volume since their introduction. In the past few months, we launched more products to further our mission of democratizing financial services, and brought your investments together on one platform. Coinbase has more than 20 million users despite the fact that they offer only four digital currencies.

"Robinhood's founders and their Merry Men of venture capitalists should be very pleased", said EquityZen co-founder Phil Haslett.

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