Free stock-trading start-up Robinhood is now valued at $7.6 billion after closing its most recent, late-stage funding round.
The Menlo Park, California-based company, which offers commission-free stock and cryptocurrency trading, announced a $323 million Series E round led by DST Global on Monday. Other well-known venture capital firms NEA, Sequoia, Thrive Capital, DST Global, and Ribbit Capital also participated.
People familiar with the deal told CNBC in May that the company had been in the process of raising at least $200 million, putting its valuation between $7 billion and $8 billion.
The six-year-old company — mostly used by millennials —said the new cash injection would go towards “pursuing our mission of democratizing finance for all.”
Robinhood made headlines after the botched launch of what it called a checking and savings account with a 3% interest rate in December. A day later, the digital brokerage firm announced it would re-launch and re-name the product. It caught…