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Robinhood on track for $7 billion valuation with latest funding round
Baiju Prafulkumar Bhatt along with Vladimir Tenev - CEOs & Co-Founder of Silicon Valley's latest free stock trading app valuation expected to be atleast $7bn
Baiju Prafulkumar Bhatt, the son of Indian immigrants, earned a bachelor's degree in physics from Stanford University where he also completed a master's degree in mathematics in 2008. He and Tenev met during Bhatt's time at Stanford. In 2013, Bhatt co-founded the trading platform Robinhood with Tenev.[1] The idea stemmed from witnessing the issues in the financial industry during the 2011 protests of Occupy Wall Street. Tenev was born in Bulgaria, and his parents migrated to the US when he was 5.[2] His parents both worked for the World Bank,[3] and he grew up in Washington, D.C[4] and attended Thomas Jefferson High School for Science and Technology
https://www.cnbc.com/2019/05/28/rob...on-valuation-with-upcoming-funding-round.html
Robinhood Markets, known for its popular free stock-trading app, is on its way to at least a $7 billion valuation.
The Menlo Park, California-based start-up has ushered in at least $200 million in a late-stage funding round that would put its valuation between $7 and $8 billion, according to two people familiar with the deal, who asked not to be named because negotiations were private. The people said Robinhood’s funding round, which mostly included existing investors, has not closed meaning the total could be higher.
Robinhood’s previous Series D funding round pushed its valuation to $5.6 billion. The Information first reported the fundraising round, followed by Bloomberg News. Robinhood declined to comment on the funding round.
Co-CEOs Baiju Bhatt and Vlad Tenev have repeatedly said the company is planning an eventual public listing. In the meantime, it’s moving further into traditional finance. Earlier this year, the company submitted an application to the Office of the Comptroller of the Currency, or OCC, for a national bank charter.
“This is a first step towards being granted a national bank charter which would allow Robinhood to offer traditional banking products and services,” a Robinhood spokesman told CNBC last month. “Robinhood’s goal is to be able to offer its customers a full suite of financial products to service their needs.”
Robinhood hired Scott Racusin, former CEO Wedbush Bank and Merchants Bank of California, to oversee the project and eventually step in as president and chief executive of the proposed bank. The company saw eye-popping growth last year, climbing from 4 million users in the summer to more than 6 million users by the end of 2018. After a failed launch late last year, Robinhood said it still plans to offer customers a cash management feature within brokerage accounts
Baiju Prafulkumar Bhatt along with Vladimir Tenev - CEOs & Co-Founder of Silicon Valley's latest free stock trading app valuation expected to be atleast $7bn
Baiju Prafulkumar Bhatt, the son of Indian immigrants, earned a bachelor's degree in physics from Stanford University where he also completed a master's degree in mathematics in 2008. He and Tenev met during Bhatt's time at Stanford. In 2013, Bhatt co-founded the trading platform Robinhood with Tenev.[1] The idea stemmed from witnessing the issues in the financial industry during the 2011 protests of Occupy Wall Street. Tenev was born in Bulgaria, and his parents migrated to the US when he was 5.[2] His parents both worked for the World Bank,[3] and he grew up in Washington, D.C[4] and attended Thomas Jefferson High School for Science and Technology
https://www.cnbc.com/2019/05/28/rob...on-valuation-with-upcoming-funding-round.html
Robinhood Markets, known for its popular free stock-trading app, is on its way to at least a $7 billion valuation.
The Menlo Park, California-based start-up has ushered in at least $200 million in a late-stage funding round that would put its valuation between $7 and $8 billion, according to two people familiar with the deal, who asked not to be named because negotiations were private. The people said Robinhood’s funding round, which mostly included existing investors, has not closed meaning the total could be higher.
Robinhood’s previous Series D funding round pushed its valuation to $5.6 billion. The Information first reported the fundraising round, followed by Bloomberg News. Robinhood declined to comment on the funding round.
Co-CEOs Baiju Bhatt and Vlad Tenev have repeatedly said the company is planning an eventual public listing. In the meantime, it’s moving further into traditional finance. Earlier this year, the company submitted an application to the Office of the Comptroller of the Currency, or OCC, for a national bank charter.
“This is a first step towards being granted a national bank charter which would allow Robinhood to offer traditional banking products and services,” a Robinhood spokesman told CNBC last month. “Robinhood’s goal is to be able to offer its customers a full suite of financial products to service their needs.”
Robinhood hired Scott Racusin, former CEO Wedbush Bank and Merchants Bank of California, to oversee the project and eventually step in as president and chief executive of the proposed bank. The company saw eye-popping growth last year, climbing from 4 million users in the summer to more than 6 million users by the end of 2018. After a failed launch late last year, Robinhood said it still plans to offer customers a cash management feature within brokerage accounts
