The story was Robin Hood stole from the rich to give to the poor (actually, that's government) and now the Robinhood stock trading app just got a valuation of $1.3 BILLION thanks to an investment of another $110M from a Russian investor. So, does this mean they have to steal from themselves now? Congratulations and keep up the great "no fees" trading and innovation. And btw, we ran this story a while back, on April 3rd. It just got reposted on Bloomberg today (over 3 weeks later!), which is why we are running it again today.
(Bill Taylor, CEO
)"Robinhood, which makes a popular app for trading stocks without fees, is seeing its own share price soar. The Silicon Valley startup said its valuation increased to $1.3 billion after a new investment.
The funding round totaled $110 million and was led by DST Global, the Russian firm led by billionaire Yuri Milner. Other new investors include Thrive Capital, the New York venture capital firm run by Joshua Kushner, brother of White House senior adviser Jared Kushner...
The new investment gives Robinhood coveted status as a startup unicorn, a private company with a valuation of at least $1 billion. Founded in 2013, Robinhood said it has about two million users and $50 billion in transaction volume."
Source: Bloomberg