MoneyLion, the digital personal finance platform for the financial middle class, announced today it has secured $42 million Series B funding, led by Edison Partners. Existing investors Fintech Collective and Grupo Sura, and new investors Greenspring Associates and Danhua Capital also participated in the round. MoneyLion has now raised a total of $67 million in equity financing.
MoneyLion has more than 1.5 million users and seen 178% compounded growth in revenue since 2015. The company 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,” MoneyLion co-founder and CEO Diwakar Choosey said. “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.”
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. MoneyLion has also provided more than 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.”
“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,” Mr. Choubey said. “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.”