Robinhood is nearing the close of a funding round from existing investors at a valuation of between $7 billion and $8 billion, according to a person with direct knowledge of its plans.
Last May, Robinhood raised $363 million at a valuation of $5.6 billion in a round led by DST Global, the venture firm operated by Russian billionaire Yuri Milner. Sequoia Capital, Kleiner Perkins and Andreessen Horowitz have also invested in Robinhood, which has raised a total of $539 million, according to PitchBook. The online brokerage had more than six million customers as of last October. Jack Randall, the head of communications for Menlo Park, Calif.–based Robinhood, said the company “doesn’t comment on rumors and speculation.” It couldn’t be learned how much money Robinhood is raising through the latest round.