Jan 04, 2018
NEW YORK – January 4, 2018 - MoneyLion, the digital personal finance platform for the financial middle class, announced today it has secured a $42 million Series B funding, led by Edison Partners. Existing investors Fintech Collective and Grupo Sura, as well as new investors Greenspring Associates and Danhua Capital also participated in the round. All told, MoneyLion has now raised $67 million in equity financing.
The latest investment follows rapid growth of the MoneyLion platform, which has surpassed 1.5 million users and has experienced 178% compounded growth in revenue since 2015. The company, which is cash flow positive, plans on using the growth capital to increase investment in technology and continue to expand its product line.
On November 6th, MoneyLion announced the launch of MoneyLion Plus, a first-of-its-kind subscription product that brings automated savings, fully managed investing and low-cost credit onto one platform to help consumers overcome today’s unexpected expenses while building savings for the future. The product line extension deepens MoneyLion’s relationship with its customers and strengthens its ability to service both their credit and savings needs.
From the outset, MoneyLion’s thesis has been centered on the re-bundling consumer financial services on a single digital platform to reduce friction and costs for our users. Advancements in technologies like AI and machine learning enable us to anticipate needs and deliver personalized financial products that were previously only offered to the wealthy.
Diwakar Choubey, CEO and Co-Founder - MoneyLion