Free stock trading platform Robinhood has reportedly closed a $350m new round of funding which values the company at $5.6bn.
DST Global is leading the round, according to a report by The Wall Street Journal which cites people familiar with the matter. The high valuation makes the company one of the top 15 highest-valued private companies in the US, it said.
This investment comes after Robinhood’s round last year which closed on $110m at the valuation of $1.3bn. The Series C was led by DST and participation also came from Thrive Capital, Greenoaks Capital, NEA, Index Ventures and Ribbit Capital.
Launched in 2015, Robinhood enables users to invest in US stocks and ETFs, free from commission fees. The platform also helps investors to learn about the stock market and how to invest, with personalised feeds keeping users up-to-date with their favourite companies.
The California-based company recently began to monetise the service through a $10-per month premium service allowing users to skip the three-day waiting period for deposits and borrow up to double their money to trade.
Robinhood recently started to rollout services for bitcoin and cryptocurrency investing through its platform.
Late last year, the company launched Robinhood Web, a new platform offering research and discovery tools. The new solution gives access to analyst ratings, average prices paid, investment collections and EPS review.
Earlier in the month, mobile trading platform TigerWit collected a $5m investment from Susquehanna International Group. The China-based company supports the online investments by global consumers in to foreign FX markets, indices, commodities and metals.
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