(Bloomberg) -- Robinhood Markets Inc. is finalizing a fundraising effort that will see the value of the startup, which makes a stock-trading app, jump fourfold in less than a year.
DST Global, a venture capital firm founded by Russian billionaire Yuri Milner, will lead an investment valuing Robinhood at $5.6 billion, a person familiar with the plans said. The funding round is expected to reach $350 million, said the person, who asked not to be identified because the process hasn't yet completed.
Jack Randall, a spokesman for Robinhood, declined to comment. The funding details were reported earlier Thursday by the Wall Street Journal.
Robinhood's service is particularly popular among young people, who appreciate the ease of using the app to trade stocks without fees. In January, Robinhood said it would add Bitcoin and other cryptocurrencies to the app. Within a few days, more than a million people joined a waiting list to trade digital coins.
To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.net.
To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Molly Schuetz
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