MoneyLion, the mobile personal finance platform, announced on Thursday it has secured $42 million through its Series B funding round led by Edison Partners, with participation from FinTech Collective, GRUPO Sura, Greenspring Associates and Danhua Capital. While sharing details about the latest funding round, Diwakar Choubey, CEO and Co-Founder of MoneyLion, stated:
“We set out in 2013 with the mission to empower all Americans to take control of their financial lives with uniquely personalized 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.”
Chris Sugden, Managing Partner at Edison Partners also commented;
“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. 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.”
Choubey then added:
“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. 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.”
This new investment round comes just one year after the company raised $22 million through its Series A funding round and the recent growth of the company’s platform, which has surpassed 1.5 million users and has experienced 178% compounded growth in revenue since 2015. In November, the company announced the launch of MoneyLion Plus, a subscription product that brings automated savings, fully managed investing and low-cost credit onto one platform to help consumers overcome today’s unexpected expenses.