M1 Finance has hit a $1.45 billion valuation after raising $150 million in a Series E funding round for its "super app" offering automated investing, borrowing and banking products.
SoftBank’s Vision Fund 2 led the round, M1's fourth in just 12 months.
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 over $4.5 billion in assets under management and has rolled out a host of new features in the last few months.
Brian Barnes, CEO, M1 Finance, says: "Financial well-being isn’t a luxury, it’s a necessity. Our platform helps people have more control, more freedom, and more power over their money."