MoneyLion Reaches 2 Million Customer Milestone As Growth Accelerates
Rapid customer adoption reflects the demand for financial products that truly address the challenges of the financial middle class
NEW YORK--(BUSINESS WIRE)-- MoneyLion, the digital personal finance platform for the financial middle class, today announced that it now empowers over 2 million customers to better their borrowing, saving and investing through personalized, AI-driven solutions. The growth of MoneyLion’s community is a reflection of the positive financial outcomes its customers have achieved and the platform’s unique approach to money management for everyday Americans.
The momentum behind MoneyLion’s customer growth follows a number of recent milestones for the company, including:
- The December launch of MoneyLion Plus, a first-of-its-kind membership that combines guided savings, simple investing, access to low-cost loans, and personalized daily financial tips to help consumers build their credit, financial resilience, and first $2,000 in savings. MoneyLion Plus has democratized access to private banking-like services typically reserved for high net worth consumers, providing an opportunity for first-time investors to begin building wealth.
- Completion of a successful $42 million Series B equity round in January, bringing MoneyLion’s total funds raised to $67 million. This financing accelerates MoneyLion’s continued development of innovative, inclusive financial products and services for America’s financial middle class.
MoneyLion continues to see high levels of engagement and positive financial outcomes across its customer base - from users of the free personal finance and credit monitoring tools to borrowers and investors on MoneyLion Plus. Notable achievements include:
- Over 1.25 million bank accounts have been linked to the mobile app, enabling customers to track their finances and receive personalized daily recommendations to optimize their saving and spending behavior.
- Almost half a million customers have enrolled in MoneyLion’s free credit monitoring program, and over 6 million real-time credit alerts notifying customers of new account openings and other changes to their credit have been sent.
- Members have earned more than $2.5 million via MoneyLion’s one-of-a-kind rewards program, which rewards members for building positive financial habits like credit improvements, responsible spending, and improved financial literacy.
“This important growth milestone is a tribute to our customer-centric approach and our focus on enabling the financial middle class to reach their goals, both today and in the future,” said MoneyLion’s CEO and co-founder, Diwakar Choubey. “We look forward to introducing more offerings in 2018 that help broaden access to better financial products and services.”
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.
Courtney Chennells, 917-765-8720
Released February 13, 2018