Robinhood, the provider of a free stock-trading platform, has reportedly raised a massive round led by DST Global. The new financing is said to value the company at well over $1 billion, a huge jump up from the $250 million valuation Robinhood achieved with a $50 million fundraise led by NEA in 2015. A year before that big financing, the startup raised a $13 million round from investors including Jared Leto, as well as rappers Snoop Dogg and Nas.
The startup offers an app that tracks and trades stocks free of charge, which differentiates its service from that of traditional brokerages. Last year, Robinhood launched a premium version of its app that allows users to pay $10 per month to access a variety of features, such as the ability to trade instantly. The upgraded service has sold well and contributed to the company’s rising revenues, according to TechCrunch, which may have been the impetus for the new round.
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Article by PitchBook
