Tuesday, July 23, 2019

Stock Trading App Robinhood Raises $323M At $7.6B Valuation

Stock trading app Robinhood has announced a $323 million Series E financing round, which brings the company’s valuation to $7.6 billion.

“We’ll use the funding to keep pursuing our mission of democratizing finance for all,” the company wrote in a blog post.

The funding round was led by DST Global, with participation from investors including Ribbit Capital, NEA, Sequoia, and Thrive Capital. Robinhood has raised more than $860 million in venture capital funding to date.

Robinhood’s co-CEOs Baiju Bhatt and Vlad Tenev have reportedly said an initial public offering is the company’s future, but that it’s focus for the time being is on disrupting other areas of finance. It recently applied for a national bank charter from the Office of the Comptroller of the Currency, which will enable it to offer banking products. “Robinhood’s goal is to be able to offer its customers a full suite of financial products to serve their needs,” a company spokesman said in May.

It’s been reported that FIS, Fiserv or Infosys will be tapped to provide the processing software for the mobile bank if Robinhood receives approval....MORE