Investment App Startup M1 Finance Raises $150m
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Investment App Startup M1 Finance Raises $150m

There are currently more than 5 billion people who use mobile devices to access financial services. And that number is expected to grow to an astounding 15 billion by 2020. The mobile financial services market is therefore expected to grow substantially over the next few years, and is therefore a very attractive platform for start up companies.

M1 Finance announced today that its investment app will be available to market later this year. The app will allow users to invest in cryptocurrencies and is backed by a $50 million investment from an unknown investor. The company is based in New York City and is led by CEO Alexander Kravets and CIO Georgios Georgakopoulos.

M1 Finance announced today that it has raised $150 million in a Series E financing. In total, the company has raised more than $300 million in funding since its inception in 2015, and the recent news brings the company’s valuation to $1.45 billion. This is the company’s fourth round of funding in the past 12 months, helping it cement its unicorn status. SoftBank’s Vision Fund 2 led the round and was joined by several existing investors, including Coatue Management, Left Lane Capital, Jump Capital and Clocktower Technology Ventures.  In a press release, founder and CEO Brian Barnes reiterated the importance of his user-centric approach by saying that financial wellness is not a luxury, but a necessity. Our platform helps people have more control, more freedom and more power over their money.

One-Stop Super App

M1 Finance is positioned as a great one-stop application. Through its mobile app, M1 Finance allows its customers to invest, borrow and spend all in one place. With all these features in one place, users can better manage their finances and easily automate many payments and investment decisions. M1 says this flexibility offers users the perfect combination of customisation and automation. From low investment costs to low interest rates on loans, the app has something for almost everyone. The company also recently launched an M1 Plus account option, which offers lower loan rates (2% vs. 3.5% for regular accounts), additional trading options (after-hours trading), and greater rewards for spending (1% cashback). At the same time, another feature was announced – smart transfer, which perfectly illustrates the benefits of integrating three different functions. With Smart Transfers, you can set up rules for your accounts to automate deposits and withdrawals. For example, users can enter into the application the amount they need for their current expenses. With the application, you can always have the money in your account that you need. It automatically puts extra money in your account or borrows money, so you always have a basic income.

The company has grown rapidly over the past 6 years and now has hundreds of thousands of users and over $4.5 billion in assets under management (AUM). Much of this growth occurred last year, when the pandemic brought the first small investors to the market. Last year, the number of users more than doubled and assets under management nearly tripled.

Looking to the future

As previously reported, this news is the fourth funding round announced by the company in the last 12 months. The money raised so far has already been put to good use. At its last funding round in March 2021, the company had set a goal of doubling the number of employees to 300 by the end of 2021. In today’s announcement, M1 Finance said it will focus on delivering the best customer experience through new products and features, platform innovation, improving customer service and recruiting top talent to achieve its mission.

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