M1 Finance doubles in growth as app gains popularity with long term investors

 M1 Finance, the Finance Super App offering automated investing, borrowing, and banking products, today announced a $75 million Series D funding round.

The announcement comes during a period of rapid acceleration for one of the top-funded and fastest-growing consumer fintech companies.

  • Reached over $3.5 billion in client assets just five months after doubling to $2 billion.
  • 3X increase in new sign-ups in January 2021 versus December 2020.
  • 2.5X growth in new sign-ups between January 26 and February 8 compared to the previous two weeks.
  • Reached #10 in the App Store’s finance category and #84 overall on February 8.

The announcement also comes at a time of intensified interest and funding that’s recently poured into fintech.

“Wealth is built through long-term ownership, not gambling on short-term price movements,” said M1 Finance founder and CEO Brian Barnes. “Our mission at M1 is to empower people to improve their financial well-being. We do this through free automated investing in a customizable portfolio, lower cost and accessible borrowing, and flexible spending with great rewards. While our product is a joy to use, our focus is on improving our clients’ finances, as opposed to their financial entertainment. Our Series D will allow M1 to continue innovating to better empower our customers.”

M1 Finance will use the funding to continue building the investor experience, with tools and services that automate lifelong, positive financial habits. The company expects to double employee headcount to nearly 300 by the end of 2021, up from just 40 employees at the beginning of 2020.

“We seek out, and invest in, companies that we think are innovative, impactful and built for the long term,” said Michael B. Gilroy, General Partner at Coatue. “We think that M1 Finance has all of these hallmarks, and we are excited to see its impact on the future of personal finance.  We are proud to partner with their team both now and into the future as M1 continues to build out its platform.”

Categories: Business, Financial, Investing, News, Tech, Technology

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