Robinhood raises $110 million for stock trading app
Robinhood, whose millennial-friendly mobile app lets users buy and sell public stocks without trading fees, on Wednesday confirmed that it has raised $110 million in new funding. The Silicon Valley company has over two million users and is now valued at $1.3 billion, confirming earlier media reports.
Inflection point: Interest from investors really picked up following the launch of its paid service—Robinhood Gold—last year, which currently accounts for half of the trading volume, co-founder Baiju Bhatt told Axios. Rumors of the company's fundraising began to circulate late last year, although Bhatt says this latest round was done about a month ago.