M1 Finance, a Chicago, IL-based finance app offering automated investing, borrowing, and banking products, raised $150m in Series E funding round.
SoftBank’s Vision Fund 2 led the round, which valued the company at $1.45 Billion, with participation from existing investors.
The company intends to use the funds to expand products and features, platform innovation, enhanced customer service, and hire talent.
Led by founder and CEO Brian Barnes, M1 Finance is a finance app, which helps people manage and grow their money with control and automation. With over $4.5 billion in assets under management, M1 provides hundreds of thousands of self-directed investors with open accounts, investing, digital checking, and portfolio lines of credit.
Last December, the company launched Smart Transfers, allowing M1 Plus clients to automate financial goals based on pre-set rules. In February of this year, it released Custodial Accounts, giving M1 Plus parents or guardians the ability to invest in portfolios for younger generations. In June, M1 launched Send Check, which allows M1 Plus clients to send physical checks from their M1 Spend Plus checking accounts.
FinSMEs
16/07/2021