Robinhood Raises $323 Million From DST, Sequoia, and Ribbit Cash

Robinhood, a trading platform for shares and digital belongings, introduced a $323 million Series E in accordance to a Reuters’ report.

DST International, a prominent trader in world wide web startups led the financing spherical together with crypto-notables Ribbit Cash and Sequoia.

According to Reuters, the business will direct the cash toward increasing the enterprise and giving new monetary solutions.

“We’ll use the funding to preserve pursuing our mission of democratizing finance for all,” a Robinhood representative wrote in a statement.

Given that giving crypto belongings starting in January 2018, the Silicon Valley-dependent startup has rolled out a range of coins and crypto-associated trading options. In Could, Robinhood launched cryptocurrency trading for 7 belongings like bitcoin and ethereum in New York.

Notably, the business extra ethereum common trading just one working day in advance of Coinbase in August 2018. It provides crypto trading in bitcoin, ethereum, bitcoin money, ethereum common, litecoin, and dogecoin to 20 states.

Almost a 12 months back, in September, Robinhood commenced the IPO process in motion. CEO Baiju Bhatt stated at the time, “Being a community business I think aligns pretty intently with our mission as well. And it is undoubtedly on the horizon, not in the instant expression, but that’s one thing we are considering about.”

The platform has attained popularity via giving fee-no cost trades. It is also on the lookout to incorporate money administration solutions.

Robinhood’s overall valuation topped $7.6 billion with this most recent spherical, which also observed participation from Thrive Cash and NEA.

Robinhood app photo by using Shutterstock