M1 Finance Passes $1 Billion In Assets

Investing platform M1 Finance said Wednesday it has passed the $1-billion mark for assets on its platform in the just over three years since its launch.

The Chicago-based company said its free money management platform also hit the milestone while relying on just $26.5 million in venture funding, less than other fintech platforms. The company tripled its assets under management on the robo-adviser platform last year.

“M1 Finance is built for the ‘engaged investor,’ someone who wants to manage their money and enjoys the convenience of an intelligent, automated, and low cost platform,” M1 Finance founder and CEO Brian Barnes said in a press release. “Reaching $1 billion in assets on platform so quickly validates our vision and is a testament to our amazing team’s focus on creating the smartest money-management experience.”

The company says it was among the first brokerages to give investors the ability to buy and sell fractional shares, and one of the first in the move to offer transactions with no commissions and no fees.

M1, founded in 2015, took 41 months to get to the $1-billion mark on the platform, ahead of other big fintech platforms, including Betterment, which reached the milestone in 50 months and Wealthfront, which got there in 52 months, both with more venture funding.

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Courtesy photo.