Mobile personal finance platform MoneyLion has closed a debt facility from Macquarie Group.
Taken in combination with existing facilities from institutional investors and VC equity capital, the funds allow MoneyLion to expand capacity.
“The digitization of banking demonstrates the growth potential for data-driven financial tools and products that make life easier for consumers,” MoneyLion CEO Diwakar Choubey said. “With overall consumer loan originations in the U.S. sitting at over $800 billion per year, the opportunity for firms with access to stable institutional capital has never been greater.”
“MoneyLion’s vision is to provide fast, low-friction credit solutions to a growing percentage of the U.S. population. These arrangements between fintech companies and established institutions are critical to success in today’s evolving financial landscape, and we will continue seeking opportunities to build strong ties across the industry.”
Via its website and mobile app MoneyLion provides personal finance tools and a suite of credit products.