Robinhood rides to $5.6B valuation after raising $363M in new funding

Robinhood Markets Inc. on Thursday said it has raised $363 million in new funding to help it expand beyond its no-fee stock trading roots to become a full-fledged consumer finance company.

The valuation of the business, which moved its headquarters from Palo Alto to Menlo Park this year, soared more than fourfold to $5.6 billion in the Series D round. The latest funding comes about a year after Robinhood was valued at $1.3 billion in a Series C round.

The funding was led by Russian oligarch Yuri…

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