M1 offers users investing, borrowing, and banking products, promising to help them build long-term wealth, meet medium-term financial needs, and manage short-term spending.

M1 Invest is a free investing product that enables users to create fully customisable stock and ETF portfolios using fractional shares; M1 Borrow provides a portfolio line of credit; and M1 Spend is a FDIC-insured digital checking account and debit card.

The firm, which stresses that it is not a robo-advisor, now has over $3.5 billion in client assets and saw new signups increase by three times in January over the previous month.

With the new money in place, the firm says it wants to double its headcount to nearly 300 by the end of the year.