DST Global leads $363m round in Robinhood, valuation soars to $5.6b

Yuri Milner, founder, DST Global. Photographer: Billy H.C. Kwok/Bloomberg

Online brokerage startup Robinhood raised $363 million in a new round of funding led by Russian billionaire Yuri Milner’s investment group DST Global, valuing the company at $5.6 billion.

The round also saw participation from Sequoia Capital which invested in Facebook Inc’s WhatsApp, Iconiq, Capital G and KPCB.

Existing investors in Robinhood include Thrive Capital, a venture firm founded by Josh Kushner, the brother of Jared Kushner, a senior adviser and son-in-law to U.S. President Donald Trump.

Robinhood allows retail investors to trade U.S. stocks and ETFs commission-free through its app. Earlier this year, it launched a commission-free cryptocurrency trading platform to allow buying and selling of bitcoin and ether, as demand from retail investors rose.

Robinhood said it plans to add more cryptocurrencies in the coming months.

The company competes with established brokerages such as TD Ameritrade and E* Trade Financial Corp, which charge clients for commissions, and joins a list of financial companies taking advantage of digital technology to cater to young investors.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.