Free stock-trading app Robinhood Markets will be valued at $5.6bn in a funding round, according to sources. The valuation is a fourfold rise in just a year and puts the firm among the 15 highest-valued private tech companies in the US. Robinhood is said to be in the final stages of raising about $350m from a group of investors led by Russian company DST Global. Shares have surged more than 200% since its launch last year, but are down nearly 50% this year. It makes money through selling premium service subscriptions, charging interest on client cash accounts and selling customer trades to market makers.
Free stock-trading app Robinhood Markets will be valued at $5.6bn in a funding round, according to sources. The valuation is a fourfold rise in just a year and puts the firm among the 15 highest-valued private tech companies in the US. Robinhood is said to be in the final stages of raising about $350m from a group of investors led by Russian company DST Global. Robinhood has attracted four million users by offering free stock trades. It makes money through selling premium service subscriptions, charging interest on client cash accounts and selling customer trades to market makers.