US mobile bank MoneyLion raises $100 million at ‘near unicorn’ valuation

TechCrunch | 7/22/2019 | Staff
Click For Photo: https://techcrunch.com/wp-content/uploads/2019/07/moneylion.jpg?w=611

There’s a new fintech startup in the U.S. that is inching closer to the unicorn status. New York City-headquartered MoneyLion, which provides customers both financial advice and access to loans and other services, said today it has raised $100 million in a new round to accelerate its growth in the U.S. market.

The Series C round million for the six-year-old startup was led by Edison Partners and Greenspring Associates, MoneyLion said. MetaBank and FinTech Collective also participated in the round, while Capital One made a strategic investment.

MoneyLion - Venture - Capital - Debt - Q2

MoneyLion also raised $60 million in venture capital and debt in Q2 2018, a spokesperson told TechCrunch. This was not previously disclosed. This means MoneyLion has raised over $200 million to date, with its current round valuing the startup at nearly $1 billion, a person familiar with the matter said.

MoneyLion, which describes itself as a mobile bank, operates a part lending, part savings and part wealth management app. The all-in-one platform allows users to connect all their bank accounts and credit cards and receive personalized advice on how to better spend their money and also secure loans from within the app.

Startup - Money - Subscription - Services - Cost

The startup makes most of its money from subscription services — that cost $19.99 per month — it sells to consumers, Dee Choubey, founder and CEO of MoneyLion, told TechCrunch in an interview. The subscription offering bundles banking, core investment management, and access to financing.

Choubey didn’t say how many subscribers MoneyLion has, but noted that more than 5 million customers use the app. This includes free users, who are able to...
(Excerpt) Read more at: TechCrunch
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