American personal finance start-up MoneyLion has raised a total of $160m in funding in a bid to drive further growth in the US.
The company raised $60m in unannounced financing and another $100m in Series C round.
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The latest round was jointly led by Edison Partners and Greenspring Associates with strategic investment from Capital One. MetaBank and FinTech Collective also participated in the round.
Overall, the company has raised more than $200m in equity financing. In January last year, it secured $42m in Series B funding led by Edison Partners.
MoneyLion fundraising: Future plans
MoneyLion plans to use the money to fuel its customer growth in the US.
Additionally, the company also intends to expand its product offering with new financial tools. The new offerings may include a high-yield cash account and a stock trading platform.
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By GlobalDataMoneyLion also plans to introduce 0% APR daily cash advances to its members to meet short-term cash requirements.
MoneyLion founder and CEO Dee Choubey said: “We created MoneyLion with a focused goal of providing people with the most valued banking experience in the world.
“In 2018, we helped our members avoid over $7.2m in traditional banking fees, generated over $12m in cashback rewards and helped 70% of our members increase their credit scores by 30 points.
“The strategic investment from these leading financial institutions validates our mission and approach and demonstrates their acknowledgment of a dynamic shift in consumer banking.”
Since its launch in 2013, MoneyLion customer base has expanded to include five million members.
It offers members fee-free checking accounts with access to 55,000+ free ATMs. The company also offers zero-fee managed investment accounts, loans and low-cost ETFs.
