MoneyLion, the mobile personal finance platform that leverages machine learning analytics to enable smarter tools and credit products, today announced $22.5 million in Series A funding led by Edison Partners.
The Series A financings, together with $650 million in existing debt facilities, will fuel MoneyLion’s growth and significantly expand its lending capacity. Existing investors, including FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures, and prominent individual investors from the finance and technology industries, also participated in the funding round.
“The needs of consumers are changing. Not only do they need faster access to personalized credit products in a seamless digital format, but also better tools and data-driven recommendations that provide a clearer understanding of their entire financial lives,” said Diwakar Choubey, co-founder and CEO of MoneyLion. “This funding, along with our existing debt facilities, will help accelerate our work to provide smart financial products to millions of consumers seeking to take control of their financial well-being.”
“In today’s fast-evolving fintech landscape, companies need a distinctive, forward-looking business model that demonstrates staying power,” said Chris Sugden, managing partner at Edison Partners. “MoneyLion’s sophisticated technology, long-term view of the customer and impressive leadership team place them one step ahead of the competition. We look forward to supporting their growth as they continue to gain traction in the high-potential consumer finance space.”
MoneyLion’s approach is unique in the $800 billion consumer lending industry. Personalized for each user, MoneyLion’s mobile app simplifies personal financial management, providing a single place to track spending, savings, and credit. At the heart of MoneyLion’s platform are analytical models that power recommendations to help users achieve their financial goals, ranging from building savings, improving credit health, or managing an unexpected expense with a personal loan.
“Since meeting the founding team in 2013, we have shared MoneyLion’s vision of building a modern financial platform based on the value of long-term relationships," said Brooks Gibbins, managing partner at FinTech Collective. "MoneyLion's proprietary financial management and credit monitoring tools create a holistic picture of an individual's personal balance sheet and is unique in the industry."
MoneyLion’s loan business has been growing three-fold year-over-year in originations and volume, with over 150,000 loans originated. MoneyLion will deploy the funds from the equity round to continue investing in the technology and talent that will help the firm grow in new and existing markets.
“Securing this level of investment in an increasingly discerning fundraising environment signals to us that MoneyLion’s product-first customer acquisition approach is resonating with the investment community,” added Choubey. “Edison Partners, with their leading fintech investing practice and track record of successful partnerships with growing financial services companies, is an ideal partner to help take MoneyLion to the next level.”