Robinhood Raises $50 Million and Reveals Plans for Expansion to Australia
ROBINHOOD: Dedicated to providing free access to the financial markets and inspiring a new generation of investors, Robinhood is thrilled to announce a $50 million round of funding led by New Enterprise Associates (NEA). Existing investors Index Ventures, Ribbit Capital and Social Leverage joined the round, along with new investor Vaizra Investments, bringing our total funding to date to $66 million.
We’re pleased to welcome NEA General Partner Kittu Kolluri, to the Board of Directors, which includes Index Ventures’ Jan Hammer and Robinhood’s founders, Vlad Tenev and Baiju Bhatt. Kolluri is a brilliant operator, well-known for leading Healtheon/WebMD in the ’90s and Neoteris in the ’00s.
In addition to enabling us to grow our team and support more platforms and brokerage features, this new capital will fuel international expansion so that one day, everyone will have the opportunity to experience Robinhood. Today, we’re announcing Australia as our first international market. Robinhood will soon begin the regulatory approval process and announce timing of the launch later this year. Australians may sign up for a waitlist and progress updates at robinhood.com/au.
Since our December launch, hundreds of thousands of people have joined Robinhood, with 25% of them being first-time investors. Collectively, our community has saved over $12 million in commissions and transacted over $500 million through our platform. Robinhood for iPhone continues to top the Finance charts and our Apple Watch app is already receiving praise.
We remain supremely focused on crafting a singular customer experience and couldn’t be more excited about our trajectory. Margin accounts, more asset classes, and our special Android app will all debut this year!