Stocks trading app Robinhood is the latest FinTech startup to reach a $1bn-plus ‘unicorn’ valuation after raising a fresh round of funding.
The new round for the fee-free trading app was reportedly led by Yuri Milner investment vehicle DST Global.
The size of the round is not yet known but values the Palo Alto-based company at $1.3bn.
Robinhood aims to undercut traditional brokerages that charge $7 to $10-per trade by letting users track and trade stocks for free.
The company recently began to monetise the service through a $10-per month premium service allowing users to skip the three-day waiting period for deposits and borrow up to double their money to trade.
Robinhood’s lack of fees or minimum investment means it is gaining popularity with younger users than traditional brokerages.
The company previously raised $66m in total disclosed funding. In May 2015 it took on $50m in a Series B round led by NEA.
This article first appeared on FinTech.Global. For more deal news as well as in-depth expert perspectives, articles, data and analysis please visit www.fintech.global.
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