Robinhood, a Redwood City, CA-based mobile financial services company, closed a $3m seed funding.
The round was led by Index Ventures with participation from a16z seed, Rothenberg Ventures and angel investors Tim Draper and Howard Lindzon/Social Leverage, who added to the initial funding from Google Ventures.
The company intends to use the funds to scale its platform and to expand its engineering and design team.
Founded by Vladimir Tenev and Baiju Bhatt, Robinhood gives customers access to real-time stock quotes, notifications and alerts, and the ability to place zero-commission trades on all US listed stocks and ETFs.
The new app will be available on iPhone in early 2014 and is expected to be available on iPad and Android shortly thereafter.
Concurrent with closing the round, Robinhood Financial LLC (a wholly owned subsidiary) announced it has received approval from the Financial Industry Regulatory Authority (FINRA) to operate as a securities broker-dealer.