US-based financial management app developer M1 Finance secured $150m yesterday in a series E led by internet and telecommunications group SoftBank’s Vision Fund 2.
The round, which was backed by undisclosed existing investors, valued the company at $1.5bn and increased its total funding to over $300m, it said.
M1 operates an online app that provides investment, lending and card payment services. It manages over $4.5bn of assets and will deploy the new funding by building new products and features as well as hiring new talent.
Munish Varma, managing partner at SoftBank Investment Advisers, the unit which manages Vision Fund 2, said: “M1 Finance simplifies the complex, time-consuming money management process for individuals.
“We believe the company is well-positioned to consolidate users’ financial lives on a one-stop super-app with its invest, spend and borrow products.”
The company had previously raised $75m in a March 2021 series D round Led by Coatue Management and backed by Left Lane Capital and Clocktower Technology Ventures.
Left Lane Capital had led M1’s $45m series C round in October 2020 and a $33m series B round in June that year. Both rounds included Jump Capital and Clocktower Technology Ventures.
M1 had already picked up $11.2m of series A funding from undisclosed investors in 2018, according to a regulatory filing. It had emerged from stealth in 2016 with $9m of funding from unnamed backers, Built in Chicago reported.