MoneyLion Announces the Big Alternative to the Big Bank
Membership-based approach rebundles the bank, offering premium banking products previously only available to the affluent.
MoneyLion Plus to add full checking and savings capabilities, supported by simple investing, low-fee borrowing and personalized advice.
NEW YORK--(BUSINESS WIRE)-- MoneyLion, the financial operating system revolutionizing the way middle-class Americans save, invest and build their credit, today announced that it will be expanding its popular MoneyLion Plus membership with a full suite of checking and savings capabilities. With these additions, the new MoneyLion Plus membership will provide a comprehensive banking option for anyone with access to a smartphone, becoming the one and only financial membership consumers need to build wealth, improve credit and manage day-to-day spending.
MoneyLion Plus was developed to help the 138-million-plus Americans who have less than $2,000 in savings take back control of their finances. Offering simple investing, low-cost borrowing at 5.99% 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 over $1 million in savings, and the expansion of the membership offering announced today will build on this momentum by including investing, borrowing and now checking accounts in a single, subscription-based membership.
“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,” continued Choubey. “We’ve found that on average, the most financially vulnerable consumers are paying $95 a month in bank fees. For less than the cost of an Amazon Prime membership, MoneyLion offers the comprehensive services of the biggest financial institutions, without the exorbitant fees that prevent consumers from reaching their goals.”
MoneyLion will be introducing the checking and savings capabilities, as well as issuing debit cards, over the coming months. Existing MoneyLion Plus members will gain exclusive, early access to these accounts as they become available. For more information or to be added to the MoneyLion Plus waiting list, please visit: https://www.moneylionbanking.com/
MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through better products for borrowing, saving, and investing. Founded in 2013 by a team of leading technologists and financiers, MoneyLion uses superior analytics and machine learning-based technology to gain a 360-degree view of its users’ personal finances, enabling uniquely personalized advice and underwriting. With its built-in system of rewards, points, and incentives, MoneyLion encourages good financial behavior and better financial outcomes. MoneyLion is headquartered in New York with offices in 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.
Crystal Yang, 415-593-1999
Released April 10, 2018