MoneyLion, the mobile personal finance platform, announced on Monday it secured $22.5 million during its Series A Funding round, which was led by Edison Partners. The company stated the Series A financing and existing $650 million debt facilities will fuel its growth and expand its lending capacity. Existing investors, including FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures, and individual investors from the finance and technology industries, also participated in the funding round.
Diwakar Choubey, co-founder and CEO of MoneyLion, stated;
“The needs of consumers are changing. Not only do they need faster access to personalized credit products in a seamless digital format, but also better tools and data-driven recommendations that provide a clearer understanding of their entire financial lives. This funding, along with our existing debt facilities, will help accelerate our work to provide smart financial products to millions of consumers seeking to take control of their financial well-being.”
Chris Sugden, managing partner at Edison Partners, commented:
“In today’s fast-evolving fintech landscape, companies need a distinctive, forward-looking business model that demonstrates staying power. MoneyLion’s sophisticated technology, long-term view of the customer and impressive leadership team place them one step ahead of the competition. We look forward to supporting their growth as they continue to gain traction in the high-potential consumer finance space.”
MoneyLion noted loan business has been growing three-fold year-over-year in originations and volume, with over 150,000 loans originated. The company will deploy the funds from the equity round to continue investing in the technology and talent that will help the firm grow in new and existing markets. Choubey added:
“Securing this level of investment in an increasingly discerning fundraising environment signals to us that MoneyLion’s product-first customer acquisition approach is resonating with the investment community. Edison Partners, with their leading fintech investing practice and track record of successful partnerships with growing financial services companies, is an ideal partner to help take MoneyLion to the next level.”