Mobile finance platform MoneyLion secured a $22.5 million Series A led by Edison Partners today. The funding, in conjunction with an existing $650 million debt facility from Macquarie Group, will enable MoneyLion to expand its artificial intelligence-powered platform with new tech and talent.
“The needs of consumers are changing. Not only do they need faster access to personalized credit products in a seamless digital format, but also better tools and data-driven recommendations that provide a clearer understanding of their entire financial lives,” said MoneyLion co-founder and CEO Diwakar Choubey in a statement. “This funding, along with our existing debt facilities, will help accelerate our work to provide smart financial products to millions of consumers seeking to take control of their financial well-being.”
MoneyLion personalizes its mobile-focused platform for each user with a mix of AI smarts and analytical models. Users can see spending, savings and credit from a single view, getting recommendations on how to achieve financial goals like improving credit or saving for unexpected expenses.
The company claims to have tripled its loan business volume year over year, with 150,000 loans originated on the platform. Fresh talent and new tech from this funding round will help that growth continue.
“Since meeting the founding team in 2013, we have shared MoneyLion’s vision of building a modern financial platform based on the value of long-term relationships," said FinTech Collective managing partner Brooks Gibbins in the statement. "MoneyLion's proprietary financial management and credit monitoring tools create a holistic picture of an individual's personal balance sheet and is unique in the industry."
MoneyLion, headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia, was founded in 2013 by former investment bankers and technologists.
Existing investors like FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners and Montage Ventures also participated in the funding round.
Image via MoneyLion
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