Robinhood continues to garner investment funds and user interest, thanks to its commission-free model, the addition of cryptocurrencies, and its ability to attract millennials away from traditional trading platforms.
The free trading app Robinhood is now valued at $5.6 billion, following the company’s announcement that it has successfully closed its Series D round of funding with $363 million.
Last year, when Robinhood had two million users, DST Global facilitated the $110 million round.
Robinhood, which offers stocks and options trading without commission fees, currently boasts four million users – 0.3 million more than the online trading giant E*Trade.
Explained Robinhood’s co-founder and co-CEO, Baiju Bhatt, in a phone interview with CNBC:. Crypto has certainly added to our growth.
In the next couple of years, I think you’ll see Robinhood looking like a full-service consumer finance company.
As noted by CNBC, Robinhood has managed to garner the attention of the much sought after millennial demographic, which traditional financial trading platforms have struggled to attract in recent years.