Robinhood closes $660 million in Series G funding

Brokerage app Robinhood has raised an additional $460 million for a now-closed Series G funding round, adding to the $200 million it announced last month.

Robinhood now touts an $11.7 billion post-money valuation. The company’s valuations were just $8.6 billion in July and $11.2 billion in August, The Block previously reported.

Robinhood’s Series G investors include Andreessen Horowitz, DST Global, Sequoia, Ribbit Capital, 9Yards Capital, and D1 Capital Partners. 

Vladimir Tenev and Baiju Bhatt, Robinhood co-founders, met as roommates in Stanford University in 2005. Tenev and Bhatt made Robinhood in 2011 with the intention to democratize stock trading and orient it toward a millennial audience. Users can trade cryptocurrency on the platform as well as stocks and funds.

Robinhood now has over 13 million users, reports Finance Magnates, with the median age of users around 30. The app lets users buy and sell stocks without paying a commission, but offers educational material to help users better understand investing.