M1 Finance

M1 Finance provides automated investment services to individuals, specifically targeting self-directed investors. Clients can select pre-built investment portfolios (known as Expert Pies) that meet their risk-return objectives and time horizons. In addition, clients can also customize their own portfolios by selecting exchange-traded funds (ETFs), stocks and cryptocurrencies of their choice, or even combine it with the Expert Pies. The M1 platform offers a range of financial services, including investing, earning, spending, and borrowing. For investing, M1 provides access to over 6,000 stocks and ETFs, allowing users to customize their portfolios. The platform supports fractional shares, enabling investors to purchase portions of stocks or ETFs. M1 also offers automatic investing and portfolio rebalancing features.

In addition to investment products, M1 provides a High-Yield Cash Account with a 4.50% APY, significantly higher than the previously mentioned 1% APY for checking accounts. The borrowing feature, called M1 Borrow, allows clients to borrow against their investment portfolio at a rate of 6.75%, which is higher than the previously stated 2.0%–3.5% range. M1 also offers a spending feature with cash back rewards of up to 10% on qualifying purchases, enhancing its suite of financial products beyond just investments. 

As of July 2021, the company had over USD 4.5 billion in Assets Under Management (AUM), which had tripled over the previous year as customers doubled over the same period. As of the same date, the company reported around 265 employees with plans to staff 500 by the end of 2022.