Robinhood, a Palo Alto, CA-based retail brokerage platform, raised $50m in funding.
The round was led by New Enterprise Associates with participation from Index Ventures, Ribbit Capital, Social Leverage and Vaizra Investments. In conjunction with the funding, Kittu Kolluri of NEA joined Robinhood’s board of directors.
The company, which has raised $66m to date, intends to use the funds to grow the team, support more platforms and brokerage features, and accelerate international expansion.
Founded by Vlad Tenev and Baiju Bhatt, Robinhood is a mobile-first stock brokerage offering commission-free trading in all U.S. listed stocks and ETFs. The company is also announcing Australia as their first international market. It will soon begin the regulatory approval process and announce timing of the launch later this year.