Robinhood, the US-based trading app developer backed by internet and technology conglomerate Alphabet, has received an undisclosed amount from investment firm DST Global at a $1.3bn valuation, TechCrunch has reported.
Founded in 2013, Robinhood operates an app-based brokerage that can be used to track and trade stock free of charge. It also supplies software that can be used by other developers to offer the service in their own apps.
DST invested as part of a round it led, according to unnamed sources who did not identify any other participants in the round. Robinhood had originally entered talks in November 2016 to raise $100m at a valuation of between $600m and $700m, according to Fortune.
Robinhood had previously raised $66m in funding, including $3m in a 2013 seed round led by venture capital firm Index Ventures that included the Alphabet subsidiary then known as Google Ventures, Andreessen Horowitz, Rothenberg Ventures and assorted angel investors.
Index Ventures, Ribbit Capital, Slow Ventures and Queensbridge Venture Partners took part in a $13m series A round in 2014 before Robinhood added $50m from New Enterprise Associates, Index Ventures, Ribbit Capital, Social Leverage and Vaizra Investments the following year.