The funding helps M1 Finance hit unicorn status at a valuation of $1.45B. Here are the top-line bullets you need to know.
M1 Finance, a robo-advisory investment platform, has raised $150M in Series E that drew participation from SoftBank Group among other investors.
HOW’S THE COMPANY PERFORMING?
- Illinois-based M1 Finance is a robo-advisory investment app. The company claims to have tripled its AUM since July 1, 2020 to a current value of over $4.5B. It has also doubled its user base during this period.
- The company’s workforce grew from 40 employees at the beginning of 2020 to 265 in 2021.
- M1 Finance reportedly witnessed 3x more sign-ups in January 2021 compared to December 2020.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- Global fintech adoption stands at 25% and provides enormous opportunities for growth to providers and first movers.
- The market has seen a funding boom in recent years. In Q1’21, VCs infused $22.8B into fintech companies.
- The Covid-19 pandemic drove adoption of cashless transactions and increasing demand for digital payment solutions and online payment gateways.