M1 Finance, an automated money management platform that offers investing, borrowing and banking products, has completed a $33 million Series B funding round.
The round was led by Left Lane Capital, a New York-based growth equity firm focused on high-growth consumer internet and technology businesses. Jump Capital and Clocktower Technology Ventures also participated in the round alongside existing M1 investors.
M1 Invest is a free investing product that enables users to create fully customisable stock and ETF portfolios using fractional shares and automation. In February, M1 became one of the few fintech start-ups to reach $1 billion in customer assets and has added more than $650 million in customer deposits in 2020.
“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,” said M1 Finance founder and CEO Brian Barnes. “With M1, you can build an entire wealth strategy in only a few clicks, down to individual stocks and ETFs.”
“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 added. “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.”
“The product and team at M1 are true standouts in the fintech ecosystem,” said Dan Ahrens, Partner at Left Lane Capital. “Consumers are highly selective when choosing an investing platforms. We are grateful to be involved with such an exceptional team and support them in their journey.”