Fee-free stock trading app Robinhood has seen its value soar to $5.6 billion after closing a $363 million Series D funding round led by DST Global.
New investors Iconiq, Capital G, Sequoia Capital and KPCB, as well as existing investors NEA and Thrive Capital, joined the round, which sees Robinhood’s value quadruple in just one year.
With traditional retail brokerages such as E*Trade charging fees of anything up to $10 a trade, Robinhood has attracted strong interest for its apps since launching in 2015 and now claims more than four million users – more than E*Trade.
In recent months the startup has released a platform with research and discovery tools and introduced commission-free options trading as well as cryptocurrency trading, which is so far available in 10 states.
The latest funding will be used for more product expansion, infrastructure investment and making more hires.