Silicon Valley startup Robinhood is set to hit a $5.6 billion valuation after its newest funding round, expected to reach $350 million, it was reported yesterday.
This would represent a “fourfold increase in just one year” when it comes to the startup’s valuation, the Wall Street Journal reported, and would make Robinhood one of the top highest-valued private technology companies in the United States.
The app is three years old (though the company itself was founded in 2012) and has over four million users at present, according to the WSJ. The app allows users to pick and trade stocks, for free, allowing users to avoid broker fees.
The company is also seeking to drive revenue with its subscription services, like its “Gold” subscription, which allows users to borrow funds and trade after-hours, among other features, for $6 a month.
Read more at the WSJ, Business Insider, and Bloomberg.