MoneyLion Announces Workplace Financial Wellness Partnership with Penske Automotive Group
MoneyLion will Offer Premium Financial Membership to Penske Employees
NEW YORK, Feb. 4, 2019 /PRNewswire/ -- MoneyLion, America's most powerful financial membership, today announced a partnership with Penske Automotive Group to provide its associates with a better way to save, earn and invest their money. The partnership will enable Penske Automotive Group associates in the U.S. to sign up for MoneyLion Bonus, a financial wellness program designed to help them gain access to financial products and tools beyond what a traditional bank offers.
Expanding beyond its primary sponsorship of Team Penske, MoneyLion is committed to improving the financial health of Penske Automotive Group associates across the country. The MoneyLion Bonus program offers free access to MoneyLion Plus, along with a proprietary matching contribution, MoneyLion Match™.
MoneyLion Bonus™ members gain access to:
- Zero-fee checking account and debit card
- Zero-fee managed investment account with no minimums
- 0% APR cash advances
- Loans at 5.99% APR, funded in seconds
- Free credit monitoring
- Up to 12% cashback rewards at over 20,000 nationwide retailers
- 55,000 no-fee ATMs
- Personalized AI-driven budgeting and financial education
MoneyLion Bonus, an employee sponsored benefit, is designed to help hardworking Americans save money and manage their finances. In fact, the company believes its membership is the most efficient way for American households to manage banking, investing, saving and financial literacy in a single modern platform. MoneyLion members typically save an average of $887 per year by eliminating bank fees, reducing the cost of borrowing, earning rewards and zero fee investing. The average MoneyLion member experiences a dramatic improvement in their credit score within 60 days and are able to invest for the very first time.
"We are excited to roll our employer sponsored financial wellness membership program out to Penske Automotive Group, providing their associates with the tools and advice they need to reduce financial stress and more quickly reach their financial goals," said Dee Choubey, CEO and Co-Founder at MoneyLion. "In the past, these types of financial tools have only been available to only the very wealthy. MoneyLion Bonus brings user-friendly, private bank-like services to the fingertips of everyday Americans, something we think is long overdue."
"What began as a sponsorship of Team Penske on the racetrack has evolved into a powerful opportunity for all of our employees," said Roger Penske, Chairman of Penske Automotive Group. "This partnership with MoneyLion will offer our employees an opportunity to improve their financial wellness."
For more on how MoneyLion is making a positive impact on members' financial lives, see the MoneyLion blog for real customer success stories.
MoneyLion is America's most powerful and rewarding financial membership, empowering people to take control of their finances to achieve their dreams. Since its launch in 2013, MoneyLion has amassed more than 4 million members and has earned its customers trust with new banking and investments capabilities that offer a one-of-a-kind rewards program, no-fee checking account, overdraft protection, and loans funded in 15 seconds. From a single app, users can get a 360-degree snapshot of their financial lives while having access to personalized tips and tools to improve their credit and achieve everyday savings. With the notion that good habits are formed over time, MoneyLion rewards users for each decision that moves them closer towards their financial goals. The success of MoneyLion relies on finding ways to make the members' money work as hard as they do. MoneyLion has offices in New York City, San Francisco, Salt Lake City and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.
MoneyLion's affiliate, ML Wealth LLC, is a Registered Investment Advisor with the SEC. MoneyLion Plus members' investments are protected by the SIPC (Securities Investor Protection Corporation) for up to $500,000. Brokerage services provided to clients of ML Wealth by Drive Wealth LLC, a member of FINRA/SIPC. Other services provided by our affiliates including ML Plus, LLC. This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. Past performance is no guarantee of future results. Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any securities or services.
Grayling Public Relations
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Released February 4, 2019