Zero-fee stock trading app Robinhood is getting a boost from its own investors.
The financial tech company announced Wednesday that it had raised $110 million at a $1.3 billion valuation, making it Silicon Valley's latest unicorn — the industry term for a startup worth at least $1 billion.
SEE ALSO:Buy!...Sell!...Without fees: Robinhood app caters to investment newbiesRobinhood's latest funding round was led by Russian billionaire Yuri Milner's fund DST Global and included Joshua Kushner's Thrive Capital.
The app launched in late 2014, forgoing the transaction fees charged by more established brokerage platforms like Etrade and Charles Schwab, and billing itself as a way for everyday people to gain access to the financial services industry.
Since then, the company claims to have added more than 2 million users and facilitated $50 billion worth of transactions.
But many had questioned how the app would actually make money without the fees. The company answered that question last fall with a $10-per-month subscription tier called Robinhood Gold that gives traders access to features like after-hours deals and lines of credit.
The company claims membership has grown at a rate of 17 percent on a month-over-month basis since the launch.
With Wednesday's round, Robinhood has now raised a total of $176 million to date. The new money will go toward "accelerating the expansion of our products and services," the company says.