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Report: Robinhood to be valued at $5.6B

Robinhood Financial LLC is set to be valued at $5.6 billion as it nears completion of yet another round of financing, "people familiar with the matter" told The Wall Street Journal.

The startup, which was valued at just $1.3 billion a year ago, is in its final stages of securing $350 million in a funding round led by Russian firm DST Global, according to "the people familiar with the fundraising." DST also led a previous funding round completed in April 2017.

Robinhood's millennial-focused mobile stock-trading app lets users trade stocks for free, a business model that undercuts the per-trade fee that online brokerages charge users.

Its latest valuation would put the company among the top 15 highest-valued private technology companies in the U.S., The Wall Street Journal reported. Robinhood is looking to rival current dominant organizations in online investing, including E*TRADE Financial Corp., Charles Schwab Corp., TD Ameritrade Holding Corp. and Fidelity Investments.

Robinhood did not comment on the matter.