NEW YORK–(BUSINESS WIRE)–MoneyLion, the digital personal finance platform for the financial middle class, announced today it has secured a $42 million Series B funding, led by Edison Partners. Existing investors FinTech Collective and Grupo SURA, as well as new investors Greenspring Associates and Danhua Capital also participated in the round. All told, MoneyLion has now raised $67 million in equity financing.
The latest investment follows rapid growth of the MoneyLion platform, which has surpassed 1.5 million users and has experienced 178% compounded growth in revenue since 2015. The company, which is cash flow positive, plans on using the growth capital to increase investment in technology and continue to expand its product line.
“We set out in 2013 with the mission to empower all Americans to take control of their financial lives with uniquely personalized financial products. We’re bringing private banking-like services to the middle class that address their toughest financial challenges, like fluctuating monthly income and expenses, access to affordable credit, and improving savings,” said Diwakar Choubey, CEO and co-founder of MoneyLion.
MoneyLion equips consumers with better products to borrow, save, and invest so they can build financial resilience. With MoneyLion’s free mobile app, customers can receive personalized advice based on their spending patterns and credit profile, monitor their credit, and track balances across bank and credit card accounts. In addition, MoneyLion has provided over 250,000 personal loans to its customers to help them manage unexpected expenses and achieve their financial goals.
“We’re excited to continue to partner with MoneyLion as it disrupts the financial services industry and cements its position as the only solution managing both consumer assets and liabilities under one platform,” said Chris Sugden, Managing Partner at Edison Partners. “MoneyLion’s strong user and revenue growth is a testament to how its approach is resonating with consumers and how they’re setting a new and improved standard for personal finance and wealth management,” Sugden added.
On November 6th, MoneyLion announced the launch of MoneyLion Plus, a first-of-its-kind subscription product that brings automated savings, fully managed investing and low-cost credit onto one platform to help consumers overcome today’s unexpected expenses while building savings for the future. The product line extension deepens MoneyLion’s relationship with its customers and strengthens its ability to service both their credit and savings needs.
“From the outset, MoneyLion’s thesis has been centered on the re-bundling consumer financial services on a single digital platform to reduce friction and costs for our users. Advancements in technologies like AI and machine learning enable us to anticipate needs and deliver personalized financial products that were previously only offered to the wealthy. We’re excited to be an invaluable financial companion for our users and empower them to tackle their biggest financial challenges,” said Choubey.