M1 Finance Announces $75M Series D To Lower Barriers To Financial Wellness

The finance app M1 Finance, an automated money management platform, has announced a $75-million Series D funding round.

What Happened: M1 Finance is a platform for digital investing, borrowing and banking.

As part of its vision to help self-directed investors build wealth for the long-term, M1 Finance is lowering the barriers to financial wellness through comprehensiveness and automation.

To scale access to its financial wellness portal, M1 Finance said it will expand the depth and breadth of its customer-driven product portfolio through a $75-million Series D funding round led by Coatue.

The Series D follows a $45-million Series C and $33-million Series B in 2020. Previous investors Left Lane Capital and Clocktower Technology Ventures also participated in this round.

Why It Matters: The development comes alongside a rapid acceleration in M1’s growth.

In addition to surpassing $3.5 billion in client assets, M1 said new signups grow by a factor of three, while its app reached No. 10 in the App Store’s finance category.

“We seek out, and invest in, companies that we think are innovative, impactful and built for the long term,” said Michael Gilroy, general partner at Coatue.

“We think that M1 Finance has all of these hallmarks and we are excited to see its impact on the future of personal finance. We are proud to partner with their team both now and into the future as M1 continues to build out its platform.”

M1 Finance Going Forward: M1 will use the funding to continue building unparalleled investor experiences.

“Wealth is built through long-term ownership, not gambling on short-term price movements,” said M1 Finance founder and CEO Brian Barnes.

“Our mission at M1 is to empower people to improve their financial well-being. We do this through free automated investing in a customizable portfolio, lower cost and accessible borrowing, and flexible spending with great rewards. While our product is a joy to use, our focus is on improving our clients' finances, as opposed to their financial entertainment. Our Series D will allow M1 to continue innovating to better empower our customers.”