M1 Finance, a U.S.-based automated money management platform, announced on Tuesday the launch of its new “Smart Transfer” feature. According to M1 Finance, the feature automatically moves users’ money where and when they want it to help them reach their financial goals.
“Completely customizable, Smart Transfers lets M1 Plus members string together threshold-based rules to cascade available funds between M1 accounts or Pies, depending on how much people want to save, spend, invest, and borrow within the app.”
M1 Financial also noted that Smart Transfers automatically puts peoples’ next available or deposited dollar to work without the manual labor it usually takes to manage and follow through on a financial plan. While sharing details about the feature, Brian Barnes, CEO of M1 Finance, stated:
“We all know the steps to building a sound financial plan: save an emergency fund, take advantage of tax-advantaged retirement options, make regular contributions to a well-diversified portfolio — the list continues. But keeping up with our financial plans is extremely complex and time consuming. Smart Transfers are the answer and the next step in M1’s on-going quest to help investors optimize every dollar, build long-term wealth, and achieve financial freedom with ease and control.”
As previously reported, M1 describes itself as an intelligent, seamlessly integrated money management platform that puts the financial future in its customers’ hands. Its mission is to empower customers to improve their financial well-being. To do this, M1 combines investing, borrowing, and cash management in one platform, which features the following products:
- Invest: Build a portfolio of stocks and ETFs for free with an M1 Finance account
- Borrow: Unlock a low-cost flexible portfolio line of credit with just $10,000 invested
- Spend: Get the best of digital banking that integrates with investments
The launch of Smart Transfer follows M1 Finance securing $45 million through Series C funding round, which was led by Left Lane Capital with participation from Jump Capital and Clocktown Technology Ventures. The investment round brings M1’s total amount raised to $100 million and came just a few months after the company raised $33 million through Series B funding round, also led by Left Lane Capital.