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M1 Finance raises $33m

M1 Finance raises $33m

Automated money management platform M1 Finance has raised $33 million in a Series B funding round led by Left Lane Capital.

Jump Capital and Clocktower Technology Ventures joined the round for Chicago-based M1, which has now raised $54.5 million.

M1 offers users investing, borrowing, and banking products, promising to help them build long-term wealth, meet medium-term financial needs, and manage short-term spending.

M1 Invest is a free investing product that enables users to create fully customisable stock and ETF portfolios using fractional shares; M1 Borrow provides a portfolio line of credit; and M1 Spend is a FDIC-insured digital checking account and debit card.

Earlier this year the firm hit $1 billion in customer assets and has added more than $650 million in customer deposits in 2020.

Brian Barnes, CEO, M1, says: "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.

"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."

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