Robinhood, a retail investing and trading mobile app, has closed a $323m Series E, upping its valuation to a colossal $7.6bn.
DST Global, a Hong Kong-based investor focused on late-stage deals, led the round. Participation also came from Ribbit Capital, NEA, Sequoia, and Thrive Capital.
Capital from the round will be used to further its goal of democratizing finance for all consumers.
Earlier in the year, Bloomberg reported Robinhood was in the fundraising market and was looking to raise around $200m at a valuation of $8bn.
While the valuation has come a little short of what might have been expected, it is still a significant jump since the company’s previous funding round. Last March, the company closed its funding round on $350m at a valuation of $5.6bn. Again, this was a significant rise in its valuation, with the company only being valued at $1.3bn in 2017 following a $110m Series C.
Robinhood provides consumers with access 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 company has had a good year for growth. The company recently launched its own clearing system, deployed a new Robinhood feature for Nasdaq level 2 market data, and introduced multi-leg options strategies.
Late last year, Robinhood released its checking and savings service, which offers three per cent interest on savings. Account holders can access over 75,000 ATMs, and can receive a personalised debit card.
DST Global has heavily invested into the Robinhood platform, having led all three of its most recent Series rounds.
Earlier in the year, DST Global led the Series C of fellow FinTech unicorn Airwallex. The cross-border payments company raised $100m in its Series C round which valued the business at $1bn.
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