Mobile personal finance platform MoneyLion has secured the completion of a $22.5 million Series A funding round, which, when combined with $650 million in existing debt facilities, will be directed to increased lending, technology development and staffing.
The round was led by Edison Partners with participation from existing investors FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures and undisclosed individual investors.
“The needs of consumers are changing,” MoneyLion cofounder and CEO Diwakar Choubey said. “Not only do they need faster access to personalized credit products in a seamless digital format, but also better tools and data-driven recommendations that provide a clearer understanding of their entire financial lives.
“This funding, along with our existing debt facilities will help accelerate our work to provide smart financial products to millions of consumers seeking to take control of their financial well-being.”
The MoneyLion app has tools which track spending, savings and credit. Analytical models generate suggestions for helping users reach financial goals.
In a release MoneyLion said it has originated more than 150,000 loans.