MoneyLion treads further into traditional banking territory

Source: MoneyLion

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.

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