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.
“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.