Who said Robinhood only gives to the poor?
The zero-commission, US-focused stock brokerage is valued at $1.3 billion following a $110 million funding round in April 2017.
In total, Robinhood has raised $176 million, which is quite a lot considering the founders were initially rejected by 75 different venture capitalists.
Robinhood, which was founded in 2012, is popular with Millennials who appreciate the $0 commission fee on its trades. Despite rejecting the common revenue model of its legacy competitors like Charles Schwab and E*Trade, the company makes money on interest from dollars and cents left in its customer's accounts, and it also offers a premium product called Robinhood Gold, which has additional perks, like extended trading hours, in exchange for a $6 monthly subscription fee.