California-based a mobile investment app, Robinhood that allows anyone to buy and sell stock for free, has raised $50 million in series B round led by New Enterprise Associates (NEA). Existing investors Index Ventures, Ribbit Capital and Social Leverage along with new investor Vaizra Investments also participated in the round. The latest round is bringing the total funding of the company to $66 million.
As a part of the deal, NEA General Partner Kittu Kolluri, Index Ventures’ Jan Hammer are joining the company’s board of directors. The funding will be used for growing the company staff, and to fuel international expansion – specifically Australia. Robinhood was started in 2013 by Co-Founders Vladimir Tenev, and Baiju Prafulkumar Bhatt, the company closed its $13 million series A round in September 2014.
Currently, the app is available for iOS users. It has recently rolled out to Apple watch but is yet to come to Android, most probably this year itself.
In just five months of its app launch, hundreds of thousands of people have joined Robinhood, and the firm has transacted over $500 million through its platform.
Here is a video which shows how the app works: