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Robinhood raises $363 million to move beyond no-fee trading

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Robinhood, the no-fee investment app, has raised $363 million in Series D funding at a $5.6 billion post-money valuation.

Why it's a big deal: Because Robinhood doesn't just want to help millennials save money on stock, crypto and options trades. It wants to become a full-fledged consumer finance company, and this is enough cash to help it pursue that goal.

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DST Group led, and was joined by Sequoia Capital, Kleiner Perkins, CapitalG and return backers like NEA and Thrive Capital. It has now raised a total of $539 million.

  • DST founder Yuri Milner was included on a U.S. Treasury Department list of Russian oligarchs, but he wasn't among those subsequently sanctioned. Robinhood co-CEO Baiju Bhatt says his company isn't concerned about possible regulatory implications of taking DST's money.

Bottom line: The Silicon Valley company says it now has more than four million brokerage accounts, which is a larger user base than E*Trade (3.7m). It also claims to have transacted over $150 billion in trades.

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