Fintech Zoom held its annual Fintech Zoom Global Fintech Awards on Nov. 10, 2020. A day of dealmaking, networking, and recognition in the financial technology space.
In recognition of those disruptive innovators creating positive and diverse change within the financial services space, Fintech Zoom presents M1 Finance.
About M1 Finance
Headquartered in Chicago, Illinois, M1 Finance is an online fintech platform that’s building The Finance Super App™.
The M1 app allows people to control and automate their money all in one place and is free to use. Through the platform, clients can build a custom investment portfolio, access a portfolio line of credit (if eligible), and manage their cash through a high-yield checking account. And clients with a premium M1 Plus membership can earn cash back on purchases through an M1 Spend* checking account.
M1 is not a financial advisor. What they have done instead, is created financial tools to help you achieve your financial goals, build wealth, and make the most out of your money.
Core Product Portfolio
M1 Finance puts the choice of how you want to invest, borrow, and spend your money in your hands while offering cost-effective solutions for all three.
Through the app, you can invest in a portfolio of stocks and ETFs for free and maintain it with automatic and one-click rebalancing.
When your portfolio reaches a value of $10,000, users will receive a flexible line of credit to be used on any purchase with a low-interest rate of 3.5%**.
The integrated M1 Spend checking account allows users to pay back and invest automatically on their own schedule. Users can also set up direct deposits with the checking account, transfer money, and spend with the M1 Spend Visa® debit card.
Users can also obtain all three benefits at an even greater advantage with the M1 Spend Plus account. With the Plus account, you can invest during morning or afternoon trade windows, unlock a 2% interest rate on your portfolio line of credit, and earn 1% cashback*** when you spend and 1% APY* when you don’t.
Use Case, Recent Developments
Reaching an exciting milestone, M1 was able to double its AUM (assets under management) within a six month period, going from $1 billion in February to $2 billion in September of this year.
Continuing in September, M1 Finance launched the first version of a new automation system called Smart Transfers, exclusive to M1 Plus members.
Through Smart Transfers, users can set up transfers based on a self-decided cash amount threshold from their Spend Plus checking account to their invest account (or vice versa).
This allows you to put every excess dollar amount that goes above your account’s maximum in the way you want.
M1 Finance was built on the idea that financial well-being is fundamental to overall well-being.
The M1 team is rethinking what is possible with personal finance by continuing to innovate their Finance Super App. M1 says that its all-in-one app is a direct result of its excellent team and strong work culture.
M1 Finance expects to double its headcount in the next 12 months, with over 25 new roles currently open across M1.
“Everything we do is to empower people to improve their financial well-being. Right now, that means realizing our full potential as The Finance Super App,” said Brian Barnes, Founder & CEO of M1 Finance. “We’re focused on improving every aspect of the M1 platform and M1 Plus premium membership, as well as doubling our headcount in the next 12 months. We’ve welcomed hundreds of thousands of investors in 2020 and we expect to welcome even more in 2021.”
To learn more about M1 Finance, click here.
*No minimum balance to open account. No minimum balance to obtain APY (annual percentage yield). APY valid from account opening. Fees may reduce earnings. Rates may vary.
** M1 Borrow is available on margin accounts with a balance of at least $10,000. Does not apply to retirement accounts.
***Debit card purchases are when the card is swiped or the 16-digit debit card number is entered online. Any transfer of funds, including those facilitated via a card transaction, are not eligible for cash back.
All investing involves risk, including the risk of losing the money you invest, and past performance does not guarantee future performance. Borrowing on margin can add to these risks, and you should learn more before borrowing. Borrow rates subject to change. M1 does not provide investment advice, and this is not an offer or solicitation of an offer, or advice to buy or sell any security, and you are encouraged to consult your personal investment, legal, and tax advisors.
Brokerage products are: Not FDIC Insured • No Bank Guarantee • May Lose Value
M1 refers to M1 Holdings Inc., and its affiliates. M1 Holdings is a technology company offering a range of financial products and services through its wholly-owned, separate but affiliated operating subsidiaries, M1 Finance LLC and M1 Spend LLC. M1 Plus is an annual membership that confers benefits for products and services offered by M1 Finance LLC and M1 Spend LLC.
Brokerage products and services offered by M1 Finance LLC, an SEC registered broker-dealer and Member FINRA / SIPC.
M1 Spend checking accounts furnished by Lincoln Savings Bank, Member FDIC. M1 Visa® Debit Card is issued by Lincoln Savings Bank, Member FDIC.
© 2021 Fintech Zoom.com. Fintech Zoom does not provide investment advice. All rights reserved.