CHICAGO, March 09, 2021 (GLOBE NEWSWIRE) -- M1 Finance, the Finance Super App™ offering automated investing, borrowing, and banking products, today announced a $75 million Series D funding round.
Led by Coatue, one of the world’s largest tech-focused investment firms, the Series D round follows $45 million Series C and $33 million Series B rounds that took place October 14, 2020 and June 9, 2020, respectively. Previous investors, including Left Lane Capital and Clocktower Technology Ventures, also participated in the 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 best available investor experience, with tools and services that automate life-long, 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.”
To learn more about M1 Finance, visit www.m1finance.com.
About M1 Finance
M1 Finance, The Finance Super App™, that helps people manage and grow their money with control and automation – for free. With over $3 billion in assets under management, M1 has empowered over 500,000 investors to open accounts and improve their financial well-being through investing, digital checking, and portfolio lines of credit. M1 was named 2020 Best for Low Costs and 2020 Best for Sophisticated Investors by Investopedia.
Learn more at www.m1finance.com.
About Coatue Management
Coatue is one of the largest technology investment platforms in the world with ~$35 billion in assets under management. Our dedicated team of engineers and data scientists work closely with investment professionals to add value to founders and executive teams in our portfolio. With venture, growth and public funds, we back entrepreneurs from around the globe and at every stage of growth. Some of our private investments have included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap, Snowflake and Spotify.
To learn more about Coatue Management, visit www.coatue.com.
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