MoneyLion, which is based in New York City, said Tuesday the funding is comprised of $60 million worth of previously unannounced financing and a $100 million Series C funding round.
The round will be co-led by Edison and Greenspring Associates, and also includes investment from Capital One, MetaBank and FinTech Collective. Once the Series C round is complete, MoneyLion will have raised more than $200 million in equity financing, it said.
“We created MoneyLion with a focused goal of providing people with the most valued banking experience in the world,” Dee Choubey, founder and CEO of MoneyLion, said. “In 2018, we helped our members avoid over $7.2 million in traditional banking fees, generated over $12 million in cashback rewards and helped 70% of our members increase their credit scores by 30 points.”
MoneyLion said it will use the funding to accelerate its customer growth in the U.S. and drive further adoption of its bank membership. It also plans to introduce a series of new and innovative financial tools, including 0% APR daily cash advances, a high-yield cash account and a stock trading platform.