M1 Finance, a Chicago, IL-based finance app offering automated investing, borrowing, and banking products, raised $75m Series D funding round.
The round was led by Coatue, with participation from previous investors Left Lane Capital and Clocktower Technology Ventures.
The company intends to use the funds to continue building tools to automate life-long, positive financial habits and double employee headcount to nearly 300 by the end of 2021, up from just 40 employees at the beginning of 2020.
Led by founder and CEO Brian Barnes, M1 Finance provides an app that helps people manage and grow their money with control and automation – for free. With over $3 billion in assets under management, M1 has over 500,000 investors who have opened accounts for investing, digital checking, and portfolio lines of credit.