The new facility will enable MoneyLion to support rising consumer demand for its credit products
September 15, 2016 09:44 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–MoneyLion, the mobile personal finance platform that offers free tools and smarter credit products, today announced the closing of a debt facility from Macquarie Group (“Macquarie”).
The Macquarie funds, combined with existing facilities from institutional investors as well as equity capital from FinTech Collective and other leading VCs, provides MoneyLion with significant capacity to meet growing consumer demand for its credit products.
“The digitization of banking demonstrates the growth potential for data-driven financial tools and products that make life easier for consumers. With overall consumer loan originations in the U.S. sitting at over $800 billion per year, the opportunity for firms with access to stable institutional capital has never been greater,” said Diwakar Choubey, CEO of MoneyLion. “MoneyLion’s vision is to provide fast, low-friction credit solutions to a growing percentage of the U.S. population. These arrangements between fintech companies and established institutions are critical to success in today’s evolving financial landscape, and we will continue seeking opportunities to build strong ties across the industry.”
MoneyLion was launched in 2013 by a group of finance and technology veterans who recognized the potential to use advancements in web and mobile technologies to create lasting relationships with users and ultimately improve financial literacy and well-being over time. Through its website and mobile app, available on Apple and Android devices, MoneyLion offers personal finance tools and a suite of credit products designed to foster better, more informed financial decision-making across the lifetime of its growing community of users. To date, MoneyLion has originated over 120,000 loans from its balance sheet.
The MoneyLion platform utilizes sophisticated analytics that provide users with a complete picture of their spending, savings and credit, while its proprietary machine learning-based risk technology helps evaluate the credit needs of its users now and in the future. By offering consumers a centralized resource for all their financial needs, MoneyLion’s multiple touch points with users over time help to drive brand loyalty and repeat product use, while bringing greater efficiencies to customer acquisition and retention.
MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through free spending, saving and credit tracking tools, and smarter credit products. Founded in 2013 by a team of leading technologists and financiers, MoneyLion uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial product offers. With its built-in system of social endorsements, loyalty points and rewards, MoneyLion endorses good financial behavior and habit building. MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.
Contacts For MoneyLion
Courtney Chennells, 917-765-8720