Robinhood, a mobile investment app that lets you invest small amounts of stock with a quick scan of your fingerprint, is announcing a $50 million raise today.
NEA Ventures led the round, which also saw participation from existing investors Index Ventures, Social Leverage, and Ribbit Capital.
Robinhood offers a free mobile investment tool on iOS that lets anyone buy and sell stock for free. The app recently rolled out to the Apple Watch but has yet to come to Android. Despite this, the company says it has accrued hundreds of thousands of users since going live five months ago. The majority are millennials — a coveted demographic.
The funding will go toward growing the company’s staff from 30 to 60 over the course of the year and to fuel expansion into new markets — specifically Australia. Starting today, people in Australia can sign up for notifications about when the app will roll out, but Robinhood doesn’t expect to release the app until late this year.