Companies

Robinhood raises valuation to $7.6 billion, receives $323 million in funding

July 22, 2019, 1:08PM EDT

No-fee stock-trading startup Robinhood has received $323 million investment money in its newest funding round, Reuters writes. This brings the startup’s valuation to $7.6 billion, confirming earlier reports

Last year, Robinhood's $363 million funding round brought its valuation to $5.6 billion.

Investment company DST Global led the newest funding round. Other investors included Ribbit Capital, Sequoia, Thrive Capital and NEA. The company will use the money “to expand its business” and is said to be working on “new cash management feature.”

Robinhood is known for its stock trading app. It introduced first cryptocurrencies in February 2018. The Robinhood Crypto app has been available to New York residents since May as the company obtained the BitLicense earlier this year. 

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