Robinhood, a US-based free-stock trading service backed by internet company Google, secured $50m yesterday in a series B round led by venture capital firm New Enterprise Associates.
Index Ventures, Ribbit Capital, Social Leverage and Vaizra Investments also participated in the round.
Robinhood has built a brokerage service that customers access via a smartphone app, enabling them to manage their portfolios without having to pay for expensive overheads associated with traditional brokerage such as manual account management and physical storefronts.
The series B funding will be used to support international expansion, starting with Australia where Robinhood began the regulatory approval process yesterday. The company will also add support for more platforms and add new features.
Robinhood previously raised $13m in a September 2014 series A round led by Index Ventures that also featured Ribbit Capital, Slow Ventures, Queensbridge Venture Partners and a range of angel investors.
Google’s corporate venturing arm, Google Ventures, participated in a $3m seed round in 2013 that was also led by Index and backed by Andreessen Horowitz, Rothenberg Ventures and various angel investors.