Robinhood Markets Inc, the popular millennial stock trading platform, has raised $323 million in a new round of funding led by DST Global.
The Menlo Park, California-based start-up, which is known for its popular free stock-trading app, made the announcement on Monday. Venture capital firms Sequoia, Thrive Capital, NEA, and Ribbit Capital also participated in the round, according to Robinhood.
“Today, Robinhood is announcing a $323M Series E financing at a $7.6B valuation. This round was led by DST Global, with participation from investors including Ribbit Capital, NEA, Sequoia, and Thrive Capital. We’ll use the funding to keep pursuing our mission of democratizing finance for all,” Robinhood said in the statement announcing the funding.
The company’s valuation stood at $5.6 billion in 2018 after raising $363 million in a funding deal. Other notable venture capital firms with seats on Robinhood’s board of directors include Index Ventures, New Enterprise Associates, and GV (formerly Google Ventures).
Founded in 2013, Robinhood has seen its user base grow to more than 6 million. The company bills itself as a disruptive force in the online stock trading space by creating services that take advantage of the lower costs, simplicity, and convenience that’s offered by new innovation and technology.
Its platform allows investors to invest in cryptocurrencies, options, ETFs, and shares of publicly-traded companies in a commission-free manner, which is particularly appealing to millennial traders.