M1 Finance, the US-based financial app, officially became a unicorn this week after raising $150 million in the latest Series E funding round. The company’s valuation currently stands at around $1.45 billion.
In an official announcement on Wednesday, M1 Finance mentioned that the recent investment round was led by Softbank’s Vision Fund 2 with participation from the company’s existing investors. In March 2021, M1 Finance closed its Series D funding round led by Coatue, one of the world’s largest tech-focused investment firms.
With the latest closure of its Series E funding round, M1 Finance has raised a total of more than $300 million from top-tier investors like Left Lane Capital, Coatue and SoftBank over the last 18 months. M1 Finance has more than 250 employees.
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Commenting on the latest investment round, Brian Barnes, Founder and CEO of M1 Finance, said: “This milestone would not be possible without our customers entrusting us with their hard-earned money, our teammates devoting their time and energy to the cause, or our investors giving us the resources to pursue our vision. To all, thank you! Not long ago, M1 was just an idea a few people and I were working on around my kitchen table. We are now a leading personal finance platform quickly approaching $5 billion in assets under management. The team has grown to over 250 people, all focused on our mission.”
Digital wealth management and investment apps are getting popular among users around the world. Syfe, a Singapore-based digital wealth management firm, announced yesterday that the company has raised approximately $30 million in its Series B funding round to accelerate its global expansion. In the latest announcement, M1 Finance mentioned that the company is planning to launch new products in the coming weeks. “We are now sitting on a significant amount of capital, and we plan to aggressively invest it into the company. In the coming weeks, we will be announcing our newest product,” Barnes added.