M1 Finance, a Chicago, IL-based automated money management platform that offers investing, borrowing, and banking products, raised $33m in Series B funding round.
The round was led by Left Lane Capital, with participation from Jump Capital and Clocktower Technology Ventures alongside existing investors.
Led by founder and CEO Brian Barnes, M1 Finance provides investors with three integrated tools to build long-term wealth, meet medium-term financial needs, and manage short-term spending, in a single platform.
- M1 Invest is a free investing product that enables users to create fully customizable stock and ETF portfolios using fractional shares and advanced automation.
- M1 Borrow provides investors with a flexible portfolio line of credit, with rates between 2.00% for M1 Plus subscribers and a 3.50% base rate.
- M1 Spend provides users an FDIC-insured digital checking account and a debit card.
In February, the company became one of the few fintech startups to reach $1 billion in customer assets and has added more than $650M in customer deposits in 2020.