Its contribution will be the largest in a total $42 million growth investment in the company, which will be spent to broaden its product line, seemingly targeted at a more middle-class client base.
“Many traditional financial institutions and fintech platforms cater to super-prime, mass-affluent consumers, which is only a small part of the U.S. market. In fact, more than 75 percent of America’s consumers remain underserved by financial services providers,” said Chris Sugden, managing partner at Princeton-based Edison Partners. “MoneyLion brings consumer credit and savings to the financial middle class. By delivering both a liability and wealth management digital solution on the same platform, MoneyLion brings a complete financial toolkit for consumers who earn less than $100,000.”
To date, Edison Partners has invested $27 million in MoneyLion, over a third of the platform’s $67 million in equity financing. According to a news release by the company, MoneyLion currently serves 1.5 million users.
MoneyLion’s artificial intelligence platform works to provide more access to low-interest credit, automated savings and more affordable investment opportunities. Its app also offers credit monitoring, bank balance tracking and personalized financial advice based on credit and spending patterns. In November, the company announced a subscription service for premium services like automated savings, investment management and additional credit opportunities.
“Edison Partners and the Edison Director Network have helped us build a superior, profitable platform that simultaneously tackles both sides of the balance sheet for our customers,” said Diwakar Choubey, CEO and co-founder of MoneyLion. “We’re excited by today’s milestone and the continued support of our investors and customers for our platform.”