Chicago-based FinTech M1 Finance raised $75m in a Series D funding round led by tech investor Coatue.
The finance round also saw participation from previous investors including Left Lane Capital and Clocktower Technology Ventures.
M1 Finance plans to use the funding to continue building its product with tools and services that automate futuristic financial habits. In addition, the company intends to double its employee headcount to nearly 300 by the end of 2021, up from just 40 employees last year.
The new investment comes hot off the heels from the company’s $45m Series C and $33m Series B rounds that took place last year. The new round brings M1’s total financing over the last nine months to $153m.
With the aim to help users build long-term wealth, meet medium-term financial needs as well as manage short-term spending, M1’s app offers automated investing, borrowing and banking products. Its three products are M1 Invest, which enables users to create customisable stock and ETF portfolios using fractional shares, M1 Borrow, which provides a portfolio line of credit, and M1 Spend, an FDIC-insured digital checking account and debit card.
Commenting on the new round, M1 Finance founder and CEO Brian Barnes said, “Wealth is built through long-term ownership, not gambling on short-term price movements. While our product is a joy to use, our focus is on improving our clients’ finances, as opposed to their financial entertainment.
“Our mission at M1 is to empower people to improve their financial well-being. We do this through free automated investing in a customizable portfolio, lower cost and accessible borrowing, and flexible spending with great rewards.”
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