Commission-free stock trading app Robinhood is close to raising $200 million in its latest round of funding from its current investors, which include DST Global, Thrive Capital, New Enterprise Associates, Iconiq, CapitalG, Sequoia Capital and Kleiner Perkins, according to Bloomberg reports. If true, the funding round would bring the fintech startup’s valuation to between $7 and $8 billion.
Robinhood, which has seen its share of bumps and bruises lately, including a quick drop-and-rebrand of its checking and savings account feature, raised $363 million in Series D capital a year ago, bringing its valuation to $5.6 billion.
The trading platform announced this week that Robinhood Crypto was officially live in New York, allowing residents in the state to invest in cryptocurrencies on the app. The capability is now available in 39 states.
Robinhood recently bought media company MarketSnacks, and relaunched the acquisition's financial news podcast and newsletter as Robinhood Snacks.
The trading platform has plans for an IPO and recently hired a new CFO from Amazon and a head of operations from Google’s growth capital fund, CapitalG.
A spokesperson for Robin Hood said the firm had no comment on the valuation.