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.

Chicago’s M1 Finance, a consumer-focused fintech platform, reaches $1B under management

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.

M1 Finance raises $33M Series B as it reaches $1.45B AUM

That fact helps explain its new

Although the government postponed deadlines for tax payments by 15 days, the report noted that a suspension may help several industries.

It has also recommended the implementation of a facility to deposit GST to the government treasury on cash basis and suggested dispensation of credit reversal requirement on expired stock during this period. Among other suggestions, the report has also recommended expanding the tax base under GST.

It noted that a reason for the implementation of GST was to levy a single tax on all goods and services, resulting in free-flowing credit in the country. However, at present, certain items such as petroleum products — petrol, diesel, aviation turbine fuel and natural gas — and alcohol are outside the GST net.

To reassure states regarding protection of their fiscal autonomy, the government had initially decided to keep petroleum products, which form a major part of state revenues, outside the ambit of GST till revenue collections stabilise.

However, it is notable that due to the inward supplies of these sectors being subject to GST and the output supplies being beyond the scope of GST levy, the tax incidence in these sectors is significantly high, it said, adding that moreover, their compliance-related requirements have become fairly complicated.

“This is to some extent defeating the Government’s purpose of implementing the new tax regime. Representations have been made to bring industrial fuel, including natural gas and ATF, under the GST net,” it said.

Noting that bringing the petroleum sector within the GST net requires more consensus-building, however, in the absence of constitutional limitations, it is only a matter of time before this shift takes place and states are assured that they can maintain their levels of tax revenues.

Pratik Jain, Partner & Leader, Indirect Tax, PwC India says that the country embarked upon a

Brock Bagby, the executive vice president of B&B Theatres, next to his father Bob Bagby, the CEO.

B&B Theatres

B&B Theatres, the sixth-largest cinema chain in the U.S., has been operating for nearly 100 years. Its owners now say it is months away from filing for bankruptcy protection.

The family-owned business has 48 theaters in eight states and was forced to shutter all of those locations in March due to the coronavirus pandemic. A handful of the company’s theaters were able to reopen to the public in June, but the majority didn’t until August.

During that time, B&B Theatres was unable to pay full rent and had to spend hundreds of thousands of dollars to repair its projectors because the machinery had sat unused for so long. With Hollywood delaying the release of major blockbusters until next year, Brock Bagby, an executive vice president at B&B Theatres, said there’s little hope the business can keep running.

“We are probably a few months out if nothing changes,” he said. “If we run the course that we are running now, we are probably a few months out. It’s bad.”

Bagby is part of the fourth generation of his family to operate the theater chain. His father, Bob Bagby, is the CEO, and his siblings, Bobbie Bagby Ford and Brittanie Bagby Baker, also hold executive vice president roles. 

Brock Bagby has been working with the National Association of Theatre Owners as well as with rival theater chains to get relief for cinemas. He said his sister Bobbie, who oversees the company’s marketing, has made hundreds of calls to government officials lobbying for financial aid. 

“The government shut us down, so we would hope they’d help us,” Bagby said. “I mean, we didn’t shut ourselves down. And that’s the thing that’s so hard, and

The major benchmarks closed higher today, with the Dow finishing up in triple-digits for the third-straight day and marking its best week since August. The Nasdaq and S&P 500 also closed in the black, with the former scoring its best week since May, and the latter its best week since June. This volatile week of updates has investors listening for the next federal stimulus announcement, with Treasury Secretary Steven Mnuchin today presenting House Speaker Nancy Pelosi with a $1.8 trillion counteroffer to the Democrats’ $2.2 trillion package — already approved by U.S. President Donald Trump.

Continue reading for more on today’s market, including:

  • Sports betting giant could see further outperformance. 
  • Two stand-out real estate stocks with attractive options. 
  • Plus, the most recent Schaeffer’s Market Mashup; analysts chime in on semiconductor stock; and the video communications service rising once again.


The Dow Jones Industrial Average (DJI – 28,586.90) gained 161.4 points, or 0.6% today, adding 3.3% for the week. Microsoft (MSFT) rose to the top of the Dow with a 2.5% win, while IBM (IBM) landed at the bottom with a 2.8% loss. 

Meanwhile, the S&P 500 Index (SPX – 3,477.14) added 30.3 points, or 0.9% for the day, and 3.8% for the week, while the Nasdaq Composite (IXIC – 11,579.94) tacked on an 159 points, or 1.4% for the day, and 4.6% for the week.

Lastly, the Cboe Volatility Index (VIX – 25.00) lost 1.4 points, or 5.2% for the day, and 9.5% for the week.

Closing Indexes Summary Oct 9
NYSE and Nasdaq Stats Oct 9
  1. The National Football League is currently investigating teams for COVID-19 safety protocol violations while making an effort to tighten restrictions. This expert is discussing his expectations in regard to the rest of the season. (CNBC)
  2. Hurricane Delta is bearing down on Louisiana. With Hurricane Laura still

Welcome to Thursday’s Overnight Health Care.



Donald Trump wearing a suit and tie: Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn't visited White House in two months due to coronavirus | Employer-sponsored health insurance premiums rise 4 percent


© Getty Images
Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn’t visited White House in two months due to coronavirus | Employer-sponsored health insurance premiums rise 4 percent

Regeneron filed for emergency authorization of its antibody COVID-19 treatment drug, just hours after President Trump claimed it basically cured him. Mitch McConnell hasn’t been to the White House in months, and a new analysis shows Americans’ job-based health care is continually getting more expensive.

We’ll start with Regeneron:

Regeneron asks for emergency authorization of coronavirus treatment Trump received

Biotech company Regeneron late Wednesday applied for emergency authorization for an experimental antibody treatment praised by President Trump.

“Subsequent to our discussions with regulatory authorities, we have submitted a request to the U.S. Food and Drug Administration for an Emergency Use Authorization (EUA) for our REGN-COV2 investigational antibody combination for COVID-19,” the company said in a news release.

The move came just hours after the president praised the efficacy of the treatment in a short video message posted on Twitter.

“They gave me Regeneron, it’s called Regeneron,” Trump said in the five-minute video Wednesday afternoon. “It was unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

Why it matters: Trump was taking several drugs for his illness, so it’s not clear which helped him feel better. He claimed he has the “emergency use authorization all set,” but the FDA is supposed to make decisions based on science and not demands from the president. Regeneron’s drug is still undergoing clinical trials, and while early results seem promising, the company has not released data to back up its claims.

Read more here.

McConnell says he hasn’t visited White