M1 CEO Brian Barnes on creating a Fintech platform built to last


Opinions expressed by Entrepreneur contributors are their own.

We've visited the headquarters of some of the most innovative and imaginative leaders in business for The CEO Series, learning what it takes to launch and grow a thriving brand. For this episode, our crew went to the office of M1, a fintech platform that bills itself as the “super finance app.” The powerful on the Internet investing and the banking platform has raised $315 million at a valuation of about $1.5 billion and manages about $8 billion for half a million clients. I sat down with the founder and CEO Brian Barnes to learn all about the platform, how it was created and his tips for founder in running a company built to last.

Below are some highlights of our conversation, which have been edited for length and clarity. You can watch the full video above.

The excitement of investing

“M1 is one personal finance platform. We started the company about eight and a half years ago. We now manage about $8 billion on the platform for half a million clients. And we're really just trying to create the best possible way for someone to manage their finances. And we do this with a lot of customization, personalization and automation. I was lucky enough to get into finance at a fairly young age and I was hooked right away. I like the idea of ​​investing, of trying to figure out what a company is worth and how it works in a complex world. Like one investoryou are making one with high conviction bet. If you are right, you earn money. If you're wrong, you lose money. And so, you know, some people like sports gambling. To me, that's what a company is going to be worth in the next five or ten years.”

Connected: CEO of Catholic prayer and meditation app Hallow says founders need to be part of something bigger than themselves

Doing business in good times and bad

“We want to create a financial institution that lasts for decades. There are companies out there that have been around for centuries. If you're around for that period of time, it's unquestionable that you're going to have these massive disruptions in the overall market. And so we've tried to build the organization so that it can survive in any macro environment and not just be adapted to one.”

Calm in the storm

“I try to stay calm – on the outside. (laugh) The entrepreneurial quote I like is that the highs are high, the lows are low, and they are ten minutes apart. There are times when you think you are conquering the world. And then there are times when you're like, What the hell am I doing? I got all this money, convinced people to quit their jobs and join me, I'm competing against the Schwabs of the world. But stewing in all that stress accomplishes nothing. I think keeping my emotions in check and figuring out how to spend my time productively has been a good attribute I've had as I've built the organization.”

Connected: How personal passions fuel business success for CEO of Vivid Seats

The life of a founder

“Being one FOUNDER of a technology company is more than just being one CEO,. You are both the oldest and the youngest person in the company. You can set direction and strategy and things like that, but in any area where there isn't someone dedicated to that role? It's up to you to fill the gap. I would say I played CEO from 8am to 11am and then I played junior analyst from 11am to midnight every night. You're just running around and trying to add value where you can. As you grow, you'll want to put things on hold while you figure out how to expand your team. But that's not how it works – you have to grow your team and build a product and acquire customers at the same time. There's a bit of chaos, but you have to thrive in chaos.”

Connected: Inside Potbelly's recipe for quick casual success

Legacy of leadership

“My mother Brenda Barnes was the CEO of PepsiCo and Sarah Lee. I mean, he's a great person to learn from. She was one of seven sisters. They all shared a bedroom. They were a Polish immigrant family in Chicago. Her father was a factory worker. And so, I think she always had an extremely healthy respect for the people who did the actual work in her companies. The people who filled the Coke, who loaded the delivery trucks. As a CEO, you have to respect that they know their job better than you. And the leader's job is to set an example of what you want the values ​​to be throughout the company. If you can write down all the positive attributes and values ​​that you would like to instill in the entire company, then you better show those things.”

See more profiles of innovative and influential leaders by visiting The CEO Series the archives.



Source link