MoneyLion Inc. (NYSE: ML) and global consulting firm EY have partnered to help banks keep up with the Fintech revolution.
According to a release, MoneyLion’s infrastructure – including embedded finance offerings – will now be a part of EY’s “existing core-banking modernization offerings and Nexus for Banking Platform.
MoneyLion aims to enable any country, not just banks, to incorporate embedded financial services into their offerings. MoneyLion, founded in 2013, claims to be “rewiring the American banking system” – as well as global firms. Services include credit/lending, investing – including crypto, insurance and cash management. MoneyLion also offers “Engine” a marketplace of services that can integrate to provide personalized offerings.
EY operates in just about every country in the world, providing services beyond tax and audit, including legal and strategic guidance.
Money Lion founder and CEO Dee Choubey said the alliance represents their commitment to transforming banking and the financial services industry. He described it as “the beginning of a more adaptive, responsive, and customer-focused banking experience.
“Our Alliance brings together deep experience of EY US in technology integration with cutting-edge solutions from MoneyLion, launching a new enterprise strategy for the industry. This will help empower smaller or more traditional banks to scale rapidly and profitably with integrated digital financial solutions,” explained Nikhil Lele, Financial Services Consumer Banking Leader and EY-MoneyLion Alliance Leader.