Automated money management platform M1 Finance has bagged $33m in a Series B funding round led by Left Lane Capital, a growth equity firm.
Jump Capital and Clocktower Technology Ventures also participated in the round alongside existing M1 investors.
â€œThe product and team at M1 are true standouts in the FinTech ecosystem,â€ said Dan Ahrens, partner at Left Lane Capital. â€œConsumers are highly selective when choosing an investing platform. The fact that M1 has reached this scale organically, relying mostly on word-of-mouth to grow rather than paid marketing, shows the strength of M1â€™s product and client relationships. We are grateful to be involved with such an exceptional team and support them in their journey.â€
The news comes after M1 Finance reached $1bn in customer assets in February this year. It has also added more than $650m in customer deposits in 2020.
â€œOur clients are intelligent, self-directed investors building long-term, sustainable wealth,â€ said Brian Barnes, founder and CEO M1 Finance. “We want that to be as easy and automated as possible, while still letting our clients maintain the control they desire. 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.
â€œWeâ€™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. That is a testament to the team and culture we have here. Weâ€™re just getting started and look forward to accelerating our growth with this new funding and strong new partners.â€
Copyright Â© 2020 FinTech Global