M1 Finance raises $33m in Series B funding
Chicago-based investment fintech M1 Finance has raised $33 million in a Series B funding round led by Left Lane Capital.
Jump Capital and Clocktower Technology Ventures participated in the round, alongside existing investors.
M1 Finance, led by CEO Brian Barnes, claims to have accrued more than $1 billion in assets under management since its 2015 founding.
The firm has raised $54 million over four rounds, with the last – a Series A – in April 2018 to the tune of $11 million.
The firm offers three products: M1 Invest, its original investment product, M1 Borrow, which lets account holders borrow against their accounts, and M1 Spend, a checking account and debit card.
“Our clients are intelligent, self-directed investors building long-term, sustainable wealth,” says Barnes.
“We want that to be as easy and automated as possible, while still letting our clients maintain the control they desire.”
Dan Ahrens, partner at Left Lane Capital, says that M1 is a “true standout” in the fintech ecosystem.
“Consumers 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 M1’s product and client relationships.”