EXCLUSIVE – PFM app MoneyLion has secured $42 million in funding for growth initiatives, the company announced.
Exactly what those initiatives are, MoneyLion didn’t specify. But it is likely that part of the funds will be put towards its most recent product – MoneyLion Plus.
Launched in November, MoneyLion Plus is a money savings app that also provides its users access to personal loans and investment opportunities in diversified ETFs.
In keeping with the spirit of the company’s goal of helping the average middle-class American, the brokerage tool has a minimum investment of $50, and aims to help users save $2,000 over two years. The feature has no management fees.
Today’s Series B funding was led by Edison Partners and included Greenspring Associates and Danhua Capital as well as existing investors like FinTech Collective and GRUPO Sura.
In total, MoneyLion has raised $67 million in equity financing since its establishment in 2013.
In a statement MoneyLion emailed to Bank Innovation, Chris Sugden, Managing Partner at Edison Partners said:
We’re excited to continue to partner withMoneyLion as it disrupts the financial services industry and cements its position as the only solution managing both consumer assets and liabilities under one platform… MoneyLion’s strong user and revenue growth is a testament to how its approach is resonating with consumers and how they’re setting a new and improved standard for personal finance and wealth management.
Last year, the app reached a milestone when its platform surpassed 1.5 million users. The cash-positive company has also seen 178% compounded growth in revenue over the past few years.
Both MoneyLion is free to download and are available on both iOs and Google.
View the article on Bank Innovation.