DST Global, a prominent investor in internet startups led the financing round along with crypto-notables Ribbit Capital and Sequoia.
According to Reuters, the company will direct the capital towards expanding the business and offering new financial services.
“We’ll use the funding to keep pursuing our mission of democratizing finance for all,” a Robinhood representative wrote in a statement.
Since offering crypto assets beginning in January 2018, the Silicon Valley-based startup has rolled out a number of coins and crypto-related trading features. In May, Robinhood launched cryptocurrency trading for seven assets including bitcoin and ethereum in New York.
Notably, the firm added ethereum classic trading one day ahead of Coinbase in August 2018. It offers crypto trading in bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, and dogecoin to 20 states.
Nearly a year ago, in September, Robinhood started the IPO process in motion. CEO Baiju Bhatt said at the time, “Being a public company I think aligns very closely with our mission as well. And it’s definitely on the horizon, not in the immediate term, but that’s something we are thinking about.”
The platform has gained popularity through offering commission-free trades. It is also looking to add cash management services.
Robinhood’s total valuation topped $7.6 billion with this latest round, which also saw participation from Thrive Capital and NEA.
Robinhood app photo via Shutterstock