After surpassing $2 billion in assets one month ago, M1 Finance, an automated money management platform, announced the closure of a $45-million Series C funding round led by Left Lane Capital.

What Happened: M1 Finance is a platform for digital investing, borrowing and banking.

As part of its vision to help self-directed investors build wealth for the long-term, M1 Finance pursued new funding opportunities to further its in-house growth initiatives.

The newly-acquired Series C funds will be used to improve the firm’s finance super app, which provides investors access to commission-free fractional investing, low-cost borrowing, checking accounts, as well as debit cards.

“The perfect finance account will manage all of a person’s finances and optimize them according to the individual’s unique wants and needs,” said founder and CEO Brian Barnes. “M1’s platform is furthest along in making this vision a reality and this fundraise lets us move faster towards that ideal.”

Why It Matters: Thus far in its journey, M1 has found tremendous success in its bundled investing, borrowing, and cash management app, growing in excess of 80% since February.

“Our confidence in M1, its team, and its product, have only grown in our work together,” said Dan Ahrens, Partner at Left Lane Capital. “The product’s combination of automation and client empowerment is unique in the market today. The M1 team pioneered no-fee investing and fractional shares, and we’re confident they’ll continue to be at the forefront of personal finance.”

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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