M1 Finance, a Chicago-based financial app that includes investing, lending, and banking, launched an Owner’s Rewards Card that offers up to 10% cash back for users when they shop at select companies whose stock they own. The offering is part of a growing menu of financial services on the M1 platform, which launched in 2016.

Why should we care?
The company says the card offering, which is powered by fintech Deserve and issued by Celitc Bank, is part of a bigger strategy to bring all of users’ financial needs – which include automated investing, borrowing, and banking – in one place. Purchases at many large companies are eligible for the 10% cash back offer, including Amazon, Netflix, Starbucks, Spotify, Nike, Target, AMC, Tesla, Delta, and DoorDash, and users get 1.5% cash back on other purchases. M1’s move into credit cards helps it keep customers engaged while adding new revenue streams. The cash back rewards will be automatically moved to users’ investment accounts, or they may choose to have it deposited in their checking accounts. “With the launch of the Owner’s Rewards Card by M1, we’re further connecting that whole system, from M1 Invest to M1 Borrow to M1 Spend, and empowering people to make the decisions to put them on the path to financial wellness,” CEO Brian Barnes said in a statement. M1 recently closed a $150M Series E fund raise at a $1.45B valuation.