Finance super app M1 Finance raises $45 million
Chicago-based M1 Finance, the Finance Super App that offers automated investing, borrowing, and banking products, announced a $45 million Series C funding round led by Left Lane Capital.
This latest round of funding, which brings the company’s total to just under $100 million, comes just 120 days after a $33 million Series B—also led by Left Lane Capital—in June. Other existing M1 investors include Jump Capital and Clocktower Technology Ventures, among others.
“The perfect finance account will manage all of a person’s finances and optimize them according to the individual’s unique wants and needs,” said founder and CEO Brian Barnes. “M1’s platform is furthest along in making this vision a reality and this fundraise lets us move faster towards that ideal.”
M1, which bundles powerful investing, borrowing, and cash management capabilities into one easy-to-use, free platform, has more than $2 billion in clients’ assets on the platform and is used by more than 500,000 self-directed investors.
M1 is not a robo-advisor—it does not give advice—and it’s definitely not a day trading platform. M1 is a personal money management platform built to empower people to make their choices and execute them with ease.
Before M1, people had to use a mix of brokers, apps, spreadsheets, and banks which increased costs and complexity of managing their money. M1 solves that problem by giving investors a single platform to build long-term wealth, meet medium-term financial needs, and manage short-term spending.
We are fortunate to have such a supportive partner in Left Lane Capital, who has led two financing rounds in just this year alone, as we continue to build the next great financial institution,” Barnes continued. “Over the next twelve months, we will be doubling headcount as we invest heavily in product innovation and the overall M1 experience.”
“Our confidence in M1, its team, and its product, have only grown in our work together,” said Dan Ahrens, Partner at Left Lane Capital. “The product’s combination of automation and client empowerment is unique in the market today. The M1 team pioneered no-fee investing and fractional shares, and we’re confident they’ll continue to be at the forefront of personal finance.”