Mobile finance platform MoneyLion has added checking and savings accounts capabilities to its MoneyLion Plus membership to offer middle class Americans an alternative to big banks.

Launched in December last year, MoneyLion Plus targets people with less than $2,000 in savings providing simple investing, low-cost borrowing at 5.99% APR, credit building tools, and cashback rewards.

The new additions to the MoneyLion Plus will give a wide range of banking option for anyone with access to a smartphone and enable them build wealth, improve credit and manage day-to-day spending.

Since launch, MoneyLion Plus members have garnered more than $1m in savings. The company hopes the latest additions to further boost this momentum.

MoneyLion CEO and co-founder Diwakar Choubey said: “In the past, these types of financial tools have only been available to the wealthy – as a result, financial middle class wealth has stagnated and for many Americans, actually decreased over the past decade. Working Americans deserve better than exorbitant overdraft fees and lack of access to affordable credit and financial advice.

“MoneyLion Plus is bringing user friendly, transparent, private bank-like services to the fingertips of the middle class for the first time, something we think is way overdue.

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“Subscription pricing models provide consumers with simplicity and predictability and have changed the way Americans consume content, order groceries and select their wardrobe.

“We’ve found that on average, the most financially vulnerable consumers are paying $95 a month in bank fees. For less than the cost of an Amazon Prime membership, MoneyLion offers the comprehensive services of the biggest financial institutions, without the exorbitant fees that prevent consumers from reaching their goals,” Choubey added.

Over the coming months, the company will be launching the checking and savings capabilities and will also issue debit cards.