Staff of Reuters 2 minutes Reuters (Reuters) – M1 Finance, a Chicago-based banking and investment app, raised $150 million in a late-stage funding round sponsored by SoftBank Vision Fund 2, bringing its valuation to $1.45 billion. M1, which was founded in 2015 and manages over $4.5 billion in assets, bills itself as an all-in-one money management platform that lets users invest, borrow, and spend all in one spot. Since last year, consumer-facing investment applications like M1 have experienced an increase in demand as more people who are stuck at home start investing. In 2020, online brokerage Robinhood Markets Inc, which has applied for a stock market listing in the United States, revealed a rapid rate of growth. M1’s Founder and Chief Executive Officer Brian Barnes stated in a statement that the company has “seen significant growth in the previous year,” and that it wants to utilize the new funds to develop new products and features, recruit more people, and improve customer support. M1’s total capital now exceeds $300 million, with existing investors joining in the newest round. Over the last year, the company has raised funds in three separate rounds. Coatue, a technology-focused investment business, and Left Lane Capital are among M1’s backers. Sohini Podder and Niket Nishant in Bengaluru and Jane Lanhee Lee in San Francisco contributed reporting, while Devika Syamnath edited the piece./n
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