Drives further adoption of powerful financial membership platform and planned rollout of new products including a stock trading platform
PRINCETON, NJ – JULY 24, 2019 – Edison Partners, the growth equity investment firm, today announced co-leading the latest financing for MoneyLion, the most complete mobile bank and personal finance platform. Edison Partners led the previous two financing rounds in the company, and Greenspring Associates co-led the latest round.
New York-based MoneyLion offers a distinctive financial membership with fee-free checking, zero-fee managed investment accounts, low-cost credit, rewards opportunities, and more. In 2019, the MoneyLion financial membership grew at an annualized rate of >1,000% with respect to both accounts and daily average transactions.
“MoneyLion takes a wholly unique approach to consumer financial services by bundling banking, credit and investing under one roof and giving millions of Americans their first opportunity to navigate savings, wealth creation and financial management responsibly and conveniently, without the associated high banking fees,” said Chris Sugden, Managing Partner at Edison Partners who led the investment and is a current board member. “CEO Dee Choubey and team are building a powerful financial membership with proven economics and capital efficiency. We’re thrilled to continue to help MoneyLion bring their full-stop financial shop experience to more consumers and achieve their long-term goals.”
MoneyLion is democratizing banking and personal financial management with its membership, giving consumers access to an end-to-end experience across credit, savings and investment opportunities. With more than five million current members, MoneyLion will use the funds to continue to rapidly accelerate its customer growth and introduce new products including 0% APR daily cash advances, high-yield cash accounts and an individual stock trading platform.
“MoneyLion is creating the future of personal finance, bringing access and flexibility to consumers from a single source that they’ve never had before. We’re not a challenger bank. We’re a financial lifestyle and destination,” said Dee Choubey, founder and CEO of MoneyLion. “Edison Partners is an excellent growth partner to our business. Chris and team bring unparalleled financial services and fintech industry expertise and the Edison Edge operating platform has helped us validate and guide the growth of our membership model. We look forward to their continued partnership in broadening our financial wellness platform for more hard-working Americans.”
Edison Partners has financed and guided more than 220 private companies, including more than 44 fintech companies. The firm was recognized for two years in a row as Fintech Equity Investor of the Year by LendIt Fintech and named to the 2018 Institutional Investor’s Fintech Finance 40 power ranking.
Noteworthy exits include Billtrust, EdgeTrade, FolioDynamix, GAIN Capital, Liberty Tax, OptionsCity and Princeton Financial. Current financial technology investments include: BFS Capital, Bento for Business, Bipsync, Clearpool Group, ComplySci, GAN Integrity, Giant Oak, Predata, Scivantage, Solovis, YieldStreet, and Zelis.
MoneyLion is America's most powerful financial membership, which empowers people to take control of their finances. Since its launch in 2013, MoneyLion has amassed more than five million members and has earned its customers' trust with new mobile online banking and managed investment services that offer a one-of-a-kind cashback rewards program, no-fee checking account, overdraft protection, and loans funded in 15 seconds. From a single mobile app, users can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings.
A brand committed to ending financial stress for all hardworking Americans, MoneyLion created the Financial Heartbeat, the industry's first health tracker for finances. MoneyLion knows that good habits are formed over time, so the Financial Heartbeat rewards users for decisions that move them closer to their financial goals.
MoneyLion's success relies on finding ways to make its members' money work as hard as they do. MoneyLion is headquartered in New York City, with offices in San Francisco, Salt Lake City and Kuala Lumpur, Malaysia.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.