Term Sheet — Friday, March 16

FRESH FUNDING

Happy Friday, Term Sheet readers.

Robinhood, a zero-commission stock trading platform, is raising a massive new round of funding.

The startup is in the process of raising $350 million in Series D funding being led by Russia's DST Global, according to a source familiar with the fundraise. The round values the company at a whopping $5.6 billion, up from a $1.3 billion valuation last April.

Robinhood's existing backers include Index Ventures, Thrive Capital, and NEA. Some of...

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