The Series B funding round was led by Edison Partners with participation from existing investors FinTech Collective and Grupo SURA, as well as new backers Greenspring Associates and Danhua Capital. MoneyLion has now raised a total of $67 million in equity financing and will use the new investment to accelerate growth.
MoneyLion’s free mobile app provides customers with personalised advice based on their spending patterns and credit profile. It also allows users to monitor their credit and track balances across bank and credit card accounts. The mobile platform has also provided over 250,000 personal loans to date.
Diwakar Choubey, CEO and co-founder of MoneyLion, said:
“We set out in 2013 with the mission to empower all Americans to take control of their financial lives with uniquely personalised 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.”
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.
MoneyLion is headquartered in New York with offices in San Francisco, Salt Lake City and Kuala Lumpur, Malaysia.