California-based fintech company Robinhood announced on Wednesday it not only has reached two million users, but it also secured $110 million during its recent Series C funding round, which was led by DST Global, with participation from NEA, Index Ventures, Ribbit Capital, Thrive Capital and Greenoaks Capital. This brought the company’s total funding to $176 million.
Launched just two years ago, Robinhood states that it uses state-of-the-art security measures to handle its users’ personal information. It is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). While sharing details about the latest milestone, the Robinhood team revealed:
“Since our public launch in 2015, Robinhood quickly became the fastest growing brokerage ever. Our two million users have transacted over $50 billion and saved nearly half a billion dollars in commission fees. Robinhood Gold, our margin and extended hours service, is also experiencing significant growth, with signups surging 17% month over month.”
The company also shared the image below. It was also noted that the funds from the Series C round would be used for the expansion of products and services.