Stock trading company Robinhood said on Monday that it has closed a new $323 million round of financing that values the company at $7.6 billion.
The round was led by pre-existing Robinhood investor DST Global and included contributions from Ribbit Capital, NEA, and Sequoia. DST Global also led the company’s previous $363 million funding round last year, which then valued the company at $5.6 billion.
It’s likely the new money will go toward new initiatives including the roll out of banking features and a reported expansion into the United Kingdom. The funding news confirms our report in May that the six-year-old startup would be raising new financing at a valuation between $7 and $8 billion.
The latest funding round is a precursor to yet another round the company has spoken to investors about raising which would value it at more than $10 billion, we also reported. That round depends on the successful rollout of the new features.