M1 Finance Surpasses $1 Billion Under Management

M1 is a unique company in the investment space, letting users open an investment account, checking account, debit card or borrow against their investment portfolio; in describing the platform, M1 CEO Brian Barnes told TechCrunch, “Managing more of someone’s financial assets, and financial life, is going to be more economical. What it allows us to do is maintain lower margins per product, but have enough margin on the entire financial relationship that we can build a very sustainable durable, long-lasting business.” Barnes also shared that they hope to make 1% on the assets they manage, equating to 10 million dollars of recurring revenue for every $1 billion on the platform; other companies in robo-advisory space have made similar moves as of late as they expand into new product offerings. Tech Crunch