Posted In:

MoneyLion, Lending, Banking, Capital Markets, Global


Related Portfolio:

MoneyLion

Ron Suber Joins Startup's Advisory Board

Published:

Mar 26, 2018


Source:

Benzinga

Posted In:

MoneyLion, Lending, Banking, Capital Markets, Global

Published:

Mar 26, 2018


Source:

Benzinga


Share:


Ron Suber, former president of online lending platform Prosper Marketplace and a leading fintech investor, told Benzinga that he has joined the advisory board of personal finance management startup MoneyLion.

MoneyLion links to a user's bank accounts and employs artificial intelligence technology to recommend financial products. The app also offers loans, a credit card marketplace and credit monitoring, and currently boasts 2 million users, said MoneyLion Chief Marketing Officer Tim Hong.

Suber's endorsement of the company, one of many players in an increasingly crowded personal finance app space, is somewhat of an anointment by a leading fintech player and investor. He points to MoneyLion's engagement levels with its customers, investment in technology and the versatility of the app as reasons to work there.

"MoneyLion is seeing Facebook.com, Inc FB 3.5% -like engagement with its app," Suber said.

"Users are coming back daily. When you think about why a company like Amazon.com, Inc. AMZN 2.5% bought Whole Foods — it was because everyone went there and came back. MoneyLion has that kind of engagement, and incumbents in financial services will be turning to it because it's where the people are."

Suber also cited MoneyLion's growth trajectory as another reason he picked it as a winner, and said the company's technology can assist in its expansion.

"Companies used to grow at the speed of the human brain, but with artificial intelligence, companies are growing at machine speed," he said. "Banks and financial services providers are not competing with each other, but with tech companies, and this is the arrival of MoneyLion as a company that's competing with tech."

MoneyLion targets middle-class consumers hoping to better manage their financial lives, and CMO Hong said Suber's involvement will help the company grow to better serve that market.

"It takes a rebundling of bank services to help the middle class earn and invest more," Hong said. "Ron is a firestarter and will help us scale the company in capital markets and in terms of product."

Suber said working with MoneyLion is his "way of helping the middle class become savers and investors."

Companies used to grow at the speed of the human brain, but with artificial intelligence, companies are growing at machine speed.

Ron Suber, former president of Prosper Marketplace and a leading fintech investor

Related Portfolio:

MoneyLion

Share:

Previous Article:
Roadrunner Financial launches outdoor power division
Next Article:
MoneyLion Announces Big Alternative to the Big Bank
The views expressed here are those of the individual FinTech Collective LLC (together with its affiliates “FTC”) personnel quoted and are not the views of FTC or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by FTC. While taken from sources believed to be reliable, FTC has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; FTC has not reviewed such advertisements and does not endorse any advertising content contained therein.

Any designations found herein have been made by a third party, and although FTC has no reason to believe that such designations, or the criteria for being considered for such designations, are inaccurate or misleading, FTC does not guarantee its accuracy, and such designations may be incomplete or condensed. No compensation was paid in exchange for any designations, endorsements, or testimonials found herein. The hyperlinks referred to herein are provided for your reference only.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. This content does not constitute an offering or form part of any offering or any solicitation of any offer to subscribe to or purchase any investment by FTC, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with any contract therefore. Any such offer will be made only by means of definitive investment offering documents. The information included herein is subject to change without notice to any recipient. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by FTC, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by FTC (excluding investments for which the issuer has not provided permission for FTC to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://www.fintech.io/portfolio and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://www.fintech.io/disclosures for additional important information.