M1 Finance, a platform for money management, announced it surpassed $2 billion in assets.
What To Know: M1 Finance is a platform for digital investing, borrowing, and banking.
As part of a vision to help self-directed investors build long-term, sustainable wealth, M1 doubled down on growth initiatives, using new partnerships and funding to release commission-free fractional investing, low-cost borrowing, as well as checking accounts and debit cards.
The company’s success is apparent; since February, M1 grew 83%, adding 229,000 new brokerage accounts.
“Our record number of account signups and net inflows on M1 is evidence that our platform is solving financial challenges for people, so much so they want to talk about it with their families and friends,” said M1 Finance CEO Brian Barnes.
“Investors are tired of the work required to manage their money across many apps and banking providers, and they are desperate for an app that combines investing, borrowing, and banking in one.”
Benzinga will be holding its annual Benzinga Global Fintech Awards, a day of dealmaking, networking, and recognition in the financial technology space, on Nov. 10, 2020.
Why It Matters? Overall, M1’s recent growth is a reflection of the firm’s success in democratizing access to finance.
“Self-directed investors who want to build wealth over the long term are hungry for a finance ‘super app’ like M1,” Barnes noted.
“We give investors complete control of managing their money in one place, while leaving it to our technology to take care of the tough work like portfolio balancing, reinvesting, and money movement.”
To learn more about M1 Finance, click here.