JP Morgan just shut down its neobank competitor Finn, targeted at Millennials in a smartphone app wrapper. Several other traditional banking incumbents have similar efforts, from Wells Fargo's Greenhouse, Citizens Bank's Citizens Access, MUFG's PurePoint and Midwest BankCentre's Rising Bank, as well as most of the Europeans (e.g., RBS competition to Starling called Mettle). These banks have every advantage -- from product infrastructure, to balance sheet, to regulatory licenses, to physical footprint, to relationships with the older generation. So how is it that players like Chime, MoneyLion, Revolut, and N26 are all able to get millions of happy users and the incumbents are failing?
Diwakar Choubey of MoneyLion speaks with Lend Academy in their last podcast of 2016; MoneyLion is an online lender also offering a financial wellness app; firm has received significant funding in 2016; MoneyLion launched in 2014 with an initial focus on a data decision services platform which later evolved into a full service lending platform; firm currently functions as a balance sheet lender but plans to expand to a hybrid approach in 2017. Source
MoneyLion provides customers with a range of services for managing their finances and also includes credit products; the platform incorporates a unique rewards program that can help customers receive loan discounts and rewards from endorsements and on-time payments; company is a featured applicant in the 2017 Benzinga Global Fintech Awards competition; led by co-founders Dee Choubey, Chee Mun Foong and Pratyush Tiwari, the company raised $650 million in debt financing in September 2016 and $22.5 million in a Series A equity funding round in December 2016. Source
It has been said many times that the majority of Americans don’t have enough in savings to cover a $500...
MoneyLion has raised $22.5 million in a Series A funding round led by Edison Partners; the company will use the funds to improve and expand its mobile application services; the mobile application currently provides customers with tools and advice for managing their finances; it also provides loans. Source
Lend Academy Article: MoneyLion Plus Takes An Innovative Approach to Encourage New Investors to Save
Fintech platform MoneyLion is on a mission to change consumers' behavior when it comes to saving. Source
MoneyLion's senior vice president of marketing and product Tim Hong talks about the firm's marketing efforts and customer focus; says the firm was founded on advancements in machine learning and artificial intelligence that help it to broaden credit access for customers; also reports that its balance sheet lending helps it to better align with customers; the firm provides a range of credit services for its customers that goes beyond loans; its offerings include credit monitoring services and programs that educate customers while also building a relationship with them that can facilitate credit issuance in the future. Source
Forward-thinking MoneyLion has launched a comprehensive mobile banking service called RoarMoney, a nearly-no-fee bank and debit card experience powered by...
A record-setting fourth quarter and full year have MoneyLion cofounder and CEO Dee Choubey excited about what comes next.
MoneyLion reported Q4 2023 earnings that exceeded expectations and showed significant improvement across the business.