MoneyLion
| Private | |
| ISIN | 🆔 |
| Industry | Financial Services, Consumer Banking |
| Founded 📆 | 2013 |
| Founders 👔 | Dee Choubey Chee Mun Foong Pratyush Tiwari |
| Headquarters 🏙️ | New York, New York, United States |
Area served 🗺️ | |
Key people | Dee Choubey (CEO) |
| Products 📟 | Mobile banking, cash advances, credit builder loans, automated investing |
| Revenue🤑 | $30.3M (est. November 2020)[1] |
| Members | |
Number of employees | 233 (November 2020)[2] |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
MoneyLion is an American mobile and web only neobank based in New York. The company provides consumer financial products, including mobile banking, credit builder loans, cash advances, and managed investing through a mobile app. The company was founded in 2013.[3]
History[edit]
MoneyLion was founded in 2013 by Dee Choubey, Chee Mun Foong, and Pratyush Tiwari.[4]. MoneyLion provides short-term loans and credit which they claim creates digital financial access for Americans. Users can connect their bank accounts and credit cards to the MoneyLion mobile app and get personalized advice based on their spending patterns, as well as access to loans.[5]
In 2017, MoneyLion created the MoneyLion Plus membership (renamed Credit Builder Plus in 2019), combining managed investing and access to low-cost credit to help consumers build long-term wealth.[6] Over 93% of members are first-time investors.[7]
In 2018, MoneyLion became the first fintech company to partner with a NASCAR team.[8] MoneyLion is the primary sponsor of Team Penske’s No. 22 Ford Mustang, piloted by Austin Cindric in the NASCAR Xfinity series. MoneyLion hosted the MoneyLion 300 race at Talladega Superspeedway in Lincoln, Alabama, in 2019.
In 2020, MoneyLion launched the RoarMoney demand deposit account, powered by MetaBank, N.A., Member FDIC, and featuring Mastercard as the card network.[9]
Funding[edit]
As of February, 2020, MoneyLion had raised $160 million at a valuation nearing $1 billion in venture funding.[10]
References[edit]
- ↑ "MoneyLion Overview". Growjo.
- ↑ "MoneyLion Overview". Growjo.
- ↑ "MoneyLion - Built in NYC". Built in NYC. Retrieved 1 January 2013.
- ↑ Kauflin, Jeff. "Fintech 50 2020: The Newcomers". Forbes. Retrieved 12 February 2020.
- ↑ Tepper, Fitz. "MoneyLion raises $42M to grow its personal finance platform for the middle class". TechCrunch. Retrieved 4 January 2018.
- ↑ Gitlen, Jeff. "How Does MoneyLion Plus Work?". LendEDU. Retrieved 11 November 2019.
- ↑ Shoshanna, Delventhal. "What Is MoneyLion and How Does It Make Money?". Investopedia. Retrieved 23 January 2019.
- ↑ "MoneyLion joins Penske for four races". ESPN. ESPN. Retrieved 14 September 2018.
- ↑ Walker, Mark. "Galileo Powers Consumer Digital Finance Platform MoneyLion's RoarMoneySM". The Fintech Times. Retrieved 10 August 2020.
- ↑ Fuscaldo, Donna. "MoneyLion Raises $160 Million At A Valuation Nearing $1 Billion". Forbes. Retrieved 23 July 2019.
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