Robinhood, a US-based online brokerage that counts internet and technology firm Alphabet as an investor, confirmed a $110m series C round on Wednesday that valued the company at $1.3bn.
The funds were provided by investment firms DST Global and Greenoaks Capital, and venture capital firms Index Ventures, New Enterprise Associates, Ribbit Capital and Thrive Capital. News of the round first emerged three weeks ago.
Robinhood has created an online platform that enables users to invest in stock and exchange-traded funds without paying commissions, and has accumulated more than 2 million users in total.
The company also offers a paid service that allows margin and extended hours trading, and is increasing the number of new signups for the premium service, Robinhood Gold, by about 17% each month. It will spend the series C funding on expanding its products and services.
The round took the Robinhood’s overall funding to $176m since it was founded in 2013, according to a press release.
GV, the corporate venturing subsidiary of Alphabet then known as Google Ventures, took part in the company’s $3m seed round in 2013, which was led by Index Ventures and backed by Andreessen Horowitz, Rothenberg Ventures and various angel investors.
Queensbridge Venture Partners, Social Leverage and Vaizra Investments are also among Robinhood’s earlier investors.