Robinhood Nears Funding at Valuation Over $7 Billion

Robinhood Markets, a financial services firm that has won a following among millennials by offering free stock trades, is nearing the close of a funding round from existing investors at a valuation of between $7 billion and $8 billion, according to a person with direct knowledge of its plans.

That near term effort could be a prelude to a much bigger round of funding it has discussed with a wider group of investors, which could value the company at over $10 billion, according to four people with knowledge of the conversations. The larger fundraising round is dependent on the company successfully rolling out new initiatives in the coming months, including new banking products and a reported expansion into the United Kingdom, one of the people said.