Banking and investing platform M1 Finance closed a capital injection of $45 million in a Series C funding round led by Left Lane Capital, according to an announcement. Left Lane led another funding round for the company in June, which amounted to another $33 million, bringing the total raised by the company to just under $100 million.
The funding will go toward “doubling [employee] headcount,” according to Brian Barnes, CEO and founder of the firm. Current headcount stands at 75 employees, according to a company spokesperson. A mix of developers and other personnel will build new products and improve the client experience at the firm. Harley Miller, managing partner at Left Lane, will be joining M1’s board alongside the new investment.
In September the firm tallied $2 billion in AUM on its platform, of which the "vast majority" is held in investments, according to a spokesperson. Some 500,000 self-directed investors use the platform.