Banking

M1 Finance completes $75m Series D funding round – FinTech Futures

Chicago-based M1 Finance has raised $75 million in Series D funding a few months after closing a Series C worth $45 million.

Brian Barnes, M1 Finance CEO

The firm has experienced rapid-fire funding, and has raked in more than $153 million in nine months.

Founded in April 2015, M1 Finance offers traditional banking, investing, and lending products.

It has three products: M1 Invest, its original investment product, M1 Borrow, which lets account holders borrow against their accounts, and M1 Spend, a checking account and debit card.

M1 Spend is Federal Deposit Insurance Corporation (FDIC) insured, with accounts held by Lincoln Savings Bank.

M1 Finance claims to handle more than $3 billion in assets under management, up from $1.45 billion in June 2020.

Brian Barnes, M1 Finance CEO, told TechCrunch his firm is not planning on raising any new capital any time soon.

Barnes says the firm has only just tapped into the funds it gained from its Series B. Its priorities are increasing staff headcount, product development, and advertising in new markets.

Related: US challenger banks: who’s who and what’s their tech




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