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Robinhood secures USD110m in funding from DST Global

Robinhood has secured USD110 million in Series C financing from DST Global, valuing the company at USD1.3 billion.

Existing investors Index Ventures, NEA and Ribbit Capital, as well as new investors Greenoaks Capital and Thrive Capital, participated in the round, bringing the company’s total funding to date to USD176 million.
 
Robinhood plans on deploying the capital to accelerate expansion of its products and services.
 
“We welcome DST Global as investors and look forward to sharing Robinhood with more people so everyone can participate in the U.S. financial markets and have the opportunity to join the money class,” says Baiju Bhatt, Robinhood’s co-CEO and co-founder.
 
Led by Bhatt and co-CEO and co-founder Vlad Tenev, the company recently surpassed two million users and USD50 billion in transaction volume.
 
“We’re excited to partner with Baiju, Vlad and the Robinhood team on their mission of democratizing financial access for everyone,” says Rahul Mehta, managing partner at DST Global. “We’re impressed with their combination of scale, user engagement, innovation and efficiency through technology.”
 
Robinhood Gold, the company’s premiere trading service which offers margin, extended hours trading and instant deposits, is experiencing rapid growth. Sign-ups for Robinhood Gold are surging 17 per cent month over month, and over 50 per cent of the platform’s trading volume in 2017 derives from Robinhood Gold accounts, which start at USD10 a month. The company also generates revenue from interest and order flow.
 
“The team at Robinhood has built a transformational business in a short period of time,” says Kareem Zaki, investor at Thrive Capital. “The company’s growth and consumer adoption rate is incredibly impressive, and they’re just getting started.”

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