Mission Lane, a purpose-driven financial technology company, has announced the acquisition of money management platform Honeydue.

The financial terms of the deal were not divulged.

Honeydue (incorporated as WalletIQ) was founded in 2016 as a money management app for couples. The platform enables users to open bank accounts, track expenses and bill payments and share information with family members.

Currently, Honeydue is available in three languages and has more than 500,000 registered users.

The acquisition will enable Mission Lane leverage Honeydue’s digital banking capabilities to add new products.

Mission Lane CEO Shane Holdaway said: “Mission Lane and Honeydue share a goal of improving people’s lives by reducing financial stress.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Retail Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“As we experience record growth and explore additional ways to have a positive impact on our customers’ lives, we’re excited to bring in a team of people from Honeydue that have deep experience using technology to make finance more transparent and accessible.”

As agreed, Honeydue co-founder and CEO Eugene Park will join Mission Lane. Park will work as the product head of the company’s upcoming debit card offering Mission Money.

Park said: “When we founded Honeydue, we wanted to eliminate some of the issues that intimidated people about finance, so we worked to eliminate fees, minimums, and other requirements that caused stress and confusion.

“There is no other company that shares our vision more than Mission Lane, and we are excited to join with them to reach more consumers than ever.”

Mission Lane leverages advanced technology, data analytics, and machine learning to expand credit access.

The company currently offers credit cards and financial tracking tools.

An erstwhile credit card division of LendUp, Mission Lane established itself as a standalone company in December 2018.