Skip to main content

The groundbreaking app turning millenials into stock traders is now said to be worth more than $1 billion

By

Robinhood

Robinhood, the app that lets you trade stocks without paying any fees, is reportedly now valued at $1.3 billion, according to a report in TechCrunch, citing sources.

The new round of funding is reportedly led by Yuri Milner's investment arm, DST Global, and values the investing app at over $1 billion. That makes it a "unicorn" in Silicon Valley terms. 

Robinhood declined to comment on the new funding round. Fortune previously reported that the startup was looking to raise at a valuation over $1 billion, after going out to raise new venture capital earlier in the fall.

Robinhood launched in December 2014 and quickly became a favorite among younger people looking to invest without paying the $7 per trade demanded by established firms. The app itself is stylish and simple, which helped lure the first-time stock traders that made up Robinhood's first big wave of users.

According to TechCrunch, investors were excited by the success of its new Robinhood Gold subscription plan, which launched in September. While the main service does not charge fees to trade stocks, Robinhood Gold subscribers pay $10 a month to get an extra 2.5 hours of trading, an extra line of credit, and bigger instant deposits of up to $2,000 into their bank account. 

Even before the addition of Robinhood Gold, the app had become a favorite especially for millennials to dip their toes in stock trading. The company's low-cost, easy-to-use platform — users can start trading within minutes of opening an account — has cemented its popularity among a younger, phone-first generation. The company has more than a million users, who combined have transacted over $25 billion on the platform, according to the firm.

In February, Robinhood told Business Insider that most popular stocks by percentage of ownership of its users include Apple, Twitter, GoPro, and Facebook.

SEE ALSO: Here are the stocks investors on hot trading app Robinhood love the most

Join the conversation about this story »

NOW WATCH: These apps for your iPhone are better than the ones Apple makes



from Tech Insider http://ift.tt/2oqWjVm
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

The Nintendo Switch has been the US’s bestselling console for 23 straight months

By
Photo by James Bareham / The Verge It’s been a good two years for the Nintendo Switch. According to Nintendo, the gaming tablet has been the bestselling console in the US for 23 straight months. And according to data from the NPD Group, it just had its best October ever, moving 735,926 units of both the Switch and Switch Lite in the US. The company says that represents a 136 percent increase compared to last year. To date, the Switch has sold 22.5 million units in the US, and last week Nintendo revealed that more than 68 million units have been sold globally . “We’re excited about our momentum,” says Nick Chavez, Nintendo of America’s SVP of sales and marketing. Chavez puts the company’s big October down to two main factors. One is a better supply of stock; this year in particular, it’s often been hard to find a Switch on store shelves. This has only been exacerbated by increased demand due to a combination of the pandemic and the breakout success of Animal Crossing: New Horizons . ...
Post a Comment
Read more

Instagram accidentally reinstated Pornhub’s banned account

By
After years of on-and-off temporary suspensions, Instagram permanently banned Pornhub’s account in September. Then, for a short period of time this weekend, the account was reinstated. By Tuesday, it was permanently banned again. “This was done in error,” an Instagram spokesperson told TechCrunch. “As we’ve said previously, we permanently disabled this Instagram account for repeatedly violating our policies.” Instagram’s content guidelines prohibit  nudity and sexual solicitation . A Pornhub spokesperson told TechCrunch, though, that they believe the adult streaming platform’s account did not violate any guidelines. Instagram has not commented on the exact reasoning for the ban, or which policies the account violated. It’s worrying from a moderation perspective if a permanently banned Instagram account can accidentally get switched back on. Pornhub told TechCrunch that its account even received a notice from Instagram, stating that its ban had been a mistake (that message itse...
Post a Comment
Read more

MVP versus EVP: Is it time to introduce ethics into the agile startup model?

By
Anand Rao Contributor Share on Twitter Anand Rao is global head of AI at PwC . The rocket ship trajectory of a startup is well known: Get an idea, build a team and slap together a minimum viable product (MVP) that you can get in front of users. However, today’s startups need to reconsider the MVP model as artificial intelligence (AI) and machine learning (ML) become ubiquitous in tech products and the market grows increasingly conscious of the ethical implications of AI augmenting or replacing humans in the decision-making process. An MVP allows you to collect critical feedback from your target market that then informs the minimum development required to launch a product — creating a powerful feedback loop that drives today’s customer-led business. This lean, agile model has been extremely successful over the past two decades — launching thousands of successful startups, some of which have grown into billion-dollar companies. However, building high-performing product...
Post a Comment
Read more