M1 Finance, the service offering automated investing, borrowing, and banking products, has announced a $150million Series E funding round. SoftBank’s Vision Fund 2 led the round, with participation from existing investors.
M1 Finance has seen record growth, capturing the attention of influential investors who believe in its mission and potential. After raising a Series B, C, and D in just the past twelve months, M1’s total funding is now over $300million, and its total assets under management is over $4.5billion.
In addition to its rapid growth, M1 is driving innovation through its latest product releases. Last December, M1 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.
“Each funding round is proof and motivation that people believe in our mission of empowering financial well-being,” said M1 Finance founder and CEO Brian Barnes. “Financial well-being isn’t a luxury, it’s a necessity. Our platform helps people have more control, more freedom, and more power over their money. We experienced massive growth in the past year, and it’s extremely gratifying to see investors and clients believe in our vision and make it a reality.”
The new capital will allow M1 to focus on delivering an optimal client experience through new products and features, platform innovation, enhanced customer service, and hiring top talent to realise its mission.
“M1 Finance simplifies the complex, time-consuming money management process for individuals,” said Munish Varma, Managing Partner at SoftBank Investment Advisers. “We believe the company is well-positioned to consolidate users’ financial lives on a one-stop super-app with its Invest, Spend and Borrow products. We look forward to partnering with Brian Barnes and his team to help them scale their business and launch more products.”