MoneyLion adds checking, savings account capability

MoneyLion, the financial operating system helping middle-class Americans save, invest and build their credit, today announced it will be expanding its MoneyLion Plus membership with a full suite of checking and savings accounts capabilities. With these additions, the new MoneyLion Plus membership will provide a comprehensive banking option for anyone with access to a smartphone.

MoneyLion Plus was developed to help the 138-million-plus Americans with less than $2,000 in savings take back control of their finances. Offering-guided investing, low-cost borrowing at 5.99 per cent APR, credit building tools, and cashback rewards, the membership provides everyday Americans the resources/tools they need to make their financial goals more approachable and attainable. Since launching in December 2017, MoneyLion Plus members have realized more than $1 million in savings. The expansion of the membership offering announced today will build on this momentum by bundling investing, borrowing and now checking accounts in a single, subscription-based membership.

Diwakar Choubey

“In the past, these types of financial tools have only been available to the wealthy – as a result, financial middle class wealth has stagnated and for many Americans, actually decreased over the past decade,” said MoneyLion CEO and co-founder, Diwakar Choubey. “Working Americans deserve better than exorbitant overdraft fees and lack of access to affordable credit and financial advice. MoneyLion Plus is bringing user friendly, transparent, private bank-like services to the fingertips of the middle class for the first time, something we think is way overdue.”

2018 marks 10 years since the peak of the global financial crisis. But while technology has improved much of the banking system, America’s middle class is yet to benefit from its full potential. Tailored specifically for the needs of middle-income Americans, MoneyLion Plus Banking reverses this trend, leveraging AI and big data to deliver the world’s most rewarding membership program for the financial middle class.

“Subscription pricing models provide consumers with simplicity and predictability and have changed the way Americans consume content, order groceries and select their wardrobe,” Mr. Choubey added. “We’ve found that on average, the most vulnerable consumers are paying $95 each month in bank fees. For less than the cost of an Amazon Prime membership, MoneyLion offers the comprehensive services, saving and borrowing features of the biggest financial institutions, without the exorbitant fees that prevent consumers from reaching their goals.”

“MoneyLion has absolutely changed my life,” said Michelle Salanger, a regular MoneyLion Plus customer “After going through a series of life-changing situations, my credit score was so low that I couldn’t access credit of any type. I was overdrawn on my checking account living paycheck to paycheck. Since joining MoneyLion Plus, I’m proud to say that I haven’t overextended my bank account once. I even have a few hundred dollars in savings and am well on my way to financial stability.”

MoneyLion will be introducing the checking and savings accounts, and issuing debit cards, over the coming months. Existing MoneyLion Plus members will gain exclusive, early access to these accounts as they become available.