Robinhood raises $323 million in Series E funding
US-based stock trading start-up, Robinhood, has raised $323 million in a new round of funding that values the company at $7.6 billion.
The round was led by DST Global, with participation from investors including Ribbit Capital, Sequoia, Thrive Capital and NEA.
The company said it will use the funding to expand the business. It applied for a national banking charter to launch a consumer-focused bank in the US in April this year, with various tech heavyweights vying for its core banking software.
Robinhood, which has gained popularity among young consumers for its commission-free stock trading app, has been looking to expand the types of financial services it offers.
The company is currently working on a new cash management feature, according to a spokeswoman that spoke to Reuters.
