May 10, 2018

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

Source: Giphy

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.

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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What top CEOs fear telling America about the coronavirus shutdown

Illustration: Eniola Odetunde/Axios

Top CEOs, in private conversations and pleas to President Trump, are warning of economic catastrophe if America doesn't begin planning for a phased return to work as soon as May, corporate leaders tell Axios.

Why it matters: The CEOs say massive numbers of companies, big and small, could go under if business and government don't start urgent talks about ways groups of workers can return.

Health care workers vs. the coronavirus

Photo Illustration: Sarah Grillo/Axios. Photos: ANGELA WEISS/AFP via Getty Images, Bruce Bennett/Getty Images, and Europa Press News/Europa Press via Getty Images

Health care workers are at an especially high risk of catching the coronavirus, because of their prolonged exposure to patients who have it. Making matters worse, the U.S. doesn't have enough of the protective equipment, like masks and gloves, that keeps them safe.

And yet these workers, with loved ones of their own, keep showing up at hospitals across the country, knowing that more Americans than they can possibly care for are depending on them.

Go deeperArrow26 mins ago - Health

Coronavirus crisis tests Trump’s love for cheap oil

Illustration: Eniola Odetunde/Axios

President Trump is working to help an oil industry imploding as the coronavirus crisis chokes demand, but listen closely and you’ll hear his enduring love for cheap prices.

Why it matters: He’s like most Americans, who worry about energy only when it’s expensive or gone. As president, Trump has been slow and uneven in responding to the sector’s turmoil because of his inclination to cheer rock-bottom prices.