Robinhood now worth $1.3bn

US startup Robinhood has raised $110 million, valuing the venture at $1.3 billion. Russian billionaire Yuri Milner’s investment group DST Global led the Series C round, with Greenoaks Capital and Thrive Capital and existing investors Index Ventures, NEA and Ribbit Capital also taking part. The FinTech, which has come up with an app for trading stocks without fees, has now raised $176 million and will use this latest windfall to accelerate expansion of its products and services.

“We welcome DST Global as investors and look forward to sharing Robinhood with more people so everyone can participate in the US financial markets and have the opportunity to join the money class,” says Baiju Bhatt, Robinhood’s Co-CEO and Co-Founder.

Signups for Robinhood Gold, the company’s premiere trading service which offers margin, extended hours trading and instant deposits, are increasing 17% month over month; over 50% of the platform’s trading volume in 2017 derives from Robinhood Gold accounts, which start at $10 a month. The startup also generates revenue from interest and order flow.

“We’re excited to partner with Baiju, Vlad and the Robinhood team on their mission of democratising financial access for everyone,” says Rahul Mehta, managing partner at DST Global. “We’re impressed with their combination of scale, user engagement, innovation and efficiency through technology.”

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