M1 Finance Raises $33M In Series B Funding, Eyes Growth Initiatives

M1 Finance, an automated money management platform, announced a $33-million Series B funding round Tuesday led by Left Lane Capital, with participation from Jump Capital and Clocktower Technology Ventures.

M1 Reaches $1B In Assets Under Management

M1 said it's leveraging a record-breaking year to attract financing and hone in on the next generation of fintech innovations.

“Our clients are intelligent, self-directed investors building long-term, sustainable wealth. We want that to be as easy and automated as possible, while still letting our clients maintain the control they desire,” M1 Finance founder and CEO Brian Barnes said in a statement.

“With M1, you can build an entire wealth strategy in only a few clicks, down to individual stocks and ETFs. We take it from there, handling all the day-to-day optimization, rebalancing, and re-investing according to your instructions so you can spend more time building strategies and less time executing them.”

The development comes alongside news that the company hit $1 billion in customer assets and has added more than $650 million in deposits since the beginning of the year.

“We’ve built the premier personal finance platform that combines the best of digital investing, borrowing, and banking, and have done so on relatively little funding,” Barnes said. “That is a testament to the team and culture we have here. We’re just getting started and look forward to accelerating our growth with this new funding and strong new partners.”

M1's features include: 

• Invest: A free investing product that enables users to create custom stock and ETF portfolios using fractional shares or automation.
• Borrow: Flexible lines of credits with rates between 2% and 3.5%.
• Spend: FDIC-insured checking accounts and debit cards.

The CEO told Benzinga last year that M1’s comprehensiveness makes it unique among fintech platforms. 

“I think that M1 finance is the complete and holistic money management platform and it does all of your money management needs better and less costly than the alternative solutions,” Barnes said.

Courtesy photo.