Robinhood, Free Stock Trading App, Just Bagged $50 Million In New Funding
The Silicon Valley no-commission trading app, Robinhood, which facilitates young first-time investors, was named after the English folklore hero Robin Hood. The hero used to feed poor by robbing rich; however, the stock trading app will not have to think for such an expedition because it has raised $50 million in new funding, announcement came today.
The funding round was led by NEA Ventures. Other venture capitalists that joined the investment round included: Vaizra Investments, ndex Ventures, Social Leverage, and Ribbit Capital.
The startup has made buying and selling stocks expedient for first time investors. But until now, its investment tool is limited to iOS. The company can include Android in future for its services as well but, it has accomplished satisfactory results even with its limited scale of operations. The company claims that it has enlisted “hundreds of thousands” of investors since December.
Using new funds, Robinhood will increase number of its employees from 30 to 60 and will try to expand its business to other international markets, like Australia.
“We’re excited about doing a country by country rollout,” said Vladimir Tenev, co-founder of the company.
The company has already started working on its plans for Australia where the app is likely to be launched by end of this year. Australians, who are curious and desperate to receive Robinhood’s investment friendly app, can sign up for notification about the exact date when the app will be offered.
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Abubaker Zahoor writes on diverse topics with special interest in innovations, tech-ethics, and inter-and intra- organizational business relationships.