FinTech: M1 Finance Raises $150M In Its Fourth Funding Round In A Year
The Finance Super App notched up a valuation of $1.45 billion.
M1 Finance, which helps its users to invest, borrow, and spend on one Super App platform, announced today its raise of $150 million in a Series E round led by SoftBank Vision Fund 2. Existing investors also participated in the funding. (Yahoo Finance)
M1 Finance: Solid growth, fast funding
Chicago-based M1 Finance captured unicorn status with the round valuing it at $1.45 billion. In a testament to the fintech’s sharp growth trajectory, this latest round was the fourth over the last 12 months. It took the total amount raised by M1 to over $300 million.
“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,” said M1 Finance founder and CEO Brian Barnes.
M1 will use the money to develop new products, for platform innovation, hiring top-notch talent, and enhancing its customer service.
M1 now has over $4.5 billion in assets under management. It has more than doubled its user base and tripled its AUM since July 1, 2020.
“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.”
Related Story: Robo-Advisor App M1 Finance Charts Torrid Growth
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