M1 Finance has raised $45 million in a Series C funding round for its "super app" offering automated investing, borrowing and banking products.
The round, which comes just months after a $33 million Series B, was led by Left Lane Capital and joined by Jump Capital and Clocktower Technology Ventures, among others.
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.
The firm, which stresses that it is not a robo-advisor, now has more than $2 billion in clients’ assets on the platform and is used by more than 500,000 self-directed investors.
Brian Barnes, CEO, M1, says: "Over the next twelve months, we will be doubling headcount as we invest heavily in product innovation and the overall M1 experience."