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M1 finance, as an automated money management platform, gained popularity for assisting users in availing funds with low rates of interest and building long term wealth. The startup closed is Series B round of financing after raising $33M
Fremont, CA: M1 Finance, the automated money management platform, raised $33 million in a Series B funding round led by Left Lane Capital. Clocktower Technology Ventures and Jump Capital joined the round for the Chicago-based finance company, which raised about $54.5 million in total.
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M1 provides its users' options for investing, borrowing, and banking products, with a guarantee to help save up and conjure long-term wealth, fulfill medium-term financial needs, and efficiently manage short-term spending.
Brian Barnes, CEO, M1, says: “With M1, you can build an entire wealth strategy in only a few clicks, down to individual stocks and ETFs. We take it from there, handling all the day-to-day optimization, rebalancing, and re-investing according to your instructions so you can spend more time building strategies and less time executing them.
“We’ve built the premier personal finance platform that combines the best of digital investing, borrowing, and banking, and have done so on relatively little funding.”
Led by founder and CEO Brian Barnes, M1 Finance offers its investors with three main integrated tools to develop long-term wealth, meet medium-term financial needs, and manage short-term spending, in a single platform.
• M1 Invest is a free app that helps users to invest in products, which enables them to create fully customizable stock and ETF portfolios while using fractional shares and advanced automation.
• M1 finance lets clients borrow and provides the investors with a widely flexible portfolio line of credit, with low rates of interest between 2.00 percent for M1 Plus subscribers and a 3.50 percent base rate.
• M1 Spend also provides its users with an FDIC-insured digital checking account and a debit card.
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