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M1 Finance closes $45M Series C mere months after it raised its $33M Series B

M1 Finance closes $45M Series C mere months after it raised its $33M Series B

Just months after it announced a $33 million Series B, Chicago-based M1 Finance today disclosed a $45 Series C.

The new financing event was led by Left Lane Capital, the same investor that led M1’s Series B. Bear in mind that so-called inside rounds are now a bullish sign in 2020, as opposed to in prior VC eras when they were viewed more cooly. Other M1 investors include Jump Capital, Clocktower Technology Ventures and Chicago Ventures, though only the first two appear to have taken part in this round.

Per M1, the Series C comes just 120 days after it raised a Series B. A good question is why M1 has raised more capital, and why Left Lane Capital wanted to lead two rounds for the consumer-focused fintech provider. Going back to our prior coverage, we can figure it out.

In February, we reported that M1 Finance had reached the $1 billion assets under management mark, or AUM.

The startup combines three different traditional fintech services into one (roboadvising, neobanking and lending), allowing it to price the package aggressively. The model appears to be working. When M1 raised its Series B a few months later in June, it had reached the $1.45 billion AUM, or about 45% growth in just over a quarter. That’s very good.

Today, the company announced that it has surpassed the $2 billion AUM mark, up more than 38% in the last four months.

M1 posted slower AUM growth in percentage terms and greater growth in raw AUM over a similar time frame heading into its Series C. But regardless of that nuance, the company’s AUM grew quickly.

That fact helps explain its new round. If you were Left Lane Capital, had just led a round into the company, and then watched it keep growing rapidly,

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BancorpSouth Closes Buyout of Alexander & Sanders Insurance

BancorpSouth Closes Buyout of Alexander & Sanders Insurance

BancorpSouth Bank BXS recently announced the acquisition of the assets of Alexander & Sanders Insurance Agency, Inc. The company completed the deal through its subsidiary, BXS Insurance, Inc. The terms of deal have not been disclosed yet.

The Baton Rouge, LA-based Alexander & Sanders Insurance is a provider of risk management and insurance services to professional firms across Louisiana over the past few decades. Post the acquisition’s closure, Alexander & SandersInsurance will continue its operations from BXS Insurance’s Baton Rouge, LA office.

Markham McKnight, president and chief executive officer of BXS Insurance said, “This transaction allows us to add talented leaders and teammates to our team and provides a unique opportunity to enhance our construction practice within Louisiana and across BXS Insurance’s footprint.”

Aided by its solid liquidity position, BancorpSouth has been making strategic investments through mergers and acquisitions (M&As). In recent years, the company has maintained an acquisition spree, fortifying its footprint in various areas. In January 2020, the company completed the acquisition of Texas First Bancshares, and expanded presence geographically, while in September 2019, it completed its mergers with Van Alstyne Financial Corporation and Summit Financial Enterprises. Moreover, the company looks forward to tap similar opportunities in the future as well.

Shares of this Zacks Rank #3 (Hold) company have depreciated 18.8% over the past year compared with the industry’s decline of 20.2%. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

So far this year, consolidations in the banking sector have been few and far between, as the pandemic and the resultant economic slowdown have put brakes on the same. Nonetheless, a few notable deals this year include CapStar Financial Holdings, Inc.’s CSTR merger with Tennessee-based FCB Corporation, and First Horizon National Corporation FHN and IBERIABANK Corporation’s all-stock merger of

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