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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.