Stock trading app maker Robinhood raised $110 million in a Series C funding round, which valued the company at $1.3 billion.

The round, which brings Robinhood’s total funding to $176 million, was led by DST Global, with participation from existing investors NEA, Index Ventures, and Ribbit Capital, as well as new investors Thrive Capital and Greenoaks Capital.

Robinhood revealed the latest funding round in a blog announcing its user numbers hit 2 million at 26 April. The value of transactions stood at over $50 billion, and users saved close to $500 million in commission fees, it stated.

“Since our public launch in 2015, Robinhood quickly became the fastest growing brokerage ever,” (see image, click to enlarge).

Its “advanced” version, the Robinhood Gold subscription product, is seeing user numbers grow 17 per cent month-on-month.

The company plans to use the fresh capital to accelerate expansion of its product and services, which Robinhood said includes “a few exciting releases”.

The idea behind the app is to provide everyone with access to America’s financial system.

According to Robinhood’s website, it started with the idea a technology-driven brokerage could operate with significantly less overhead by eliminating storefront locations and manual account management.

While use of the app is free, the Gold subscription allows users to borrow money to buy stocks and it is how the company is making money. Subcription prices range from around $6 to $200 – the more a user pays the more they can borrow.

Robinhood also earns money on the interest of cash sitting in its users’ accounts, TechCrunch reported.