Co-founder Vlad Tenev designed Robinhood's investing platform for a mobile-savvy young audience.
Photo by Winni Wintermeyer for Fortune

Robinhood capitalized on Snap's IPO.

By Erin Griffith
March 31, 2017

This article first appeared in Term Sheet, Fortune’s newsletter on deals and dealmakers. Sign up here.

In November, Robinhood, the stock trading app, held deal talks with investors to raise a large round of funding. The company was seeking $100 million at a valuation between $600 million and $700 million, according to sources. And then… the round went quiet. Nothing was announced. I assumed it fell apart.

Now sources tell Fortune the company is very close to closing a new round of funding with a “much higher” valuation of over $1 billion. Perhaps the company got a boost from all those Uber drivers using Robinhood to buy Snap stock.

A Fortune’s Jen Wieczner wrote earlier this month: Robinhood, which has one million total users, says 43% of those who traded on Snap’s first day of trading bought Snap stock. The median age of those Snap investors: 26 years old, the same as Snap CEO Evan Spiegel.

The entire investment world has been hoping Snap’s IPO might get millennials interested in investing. As I wrote in December, most young people don’t play the stock market, according to surveys, because they don’t have the money or the understanding.

A Robinhood representative did not respond to requests for comment.

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