CareCredit - Women's Health April 2024

MoneyLion Adds Premium Subscription, AI to Personal Financial Management Platform

MoneyLion added a premium membership offering and artificial intelligence-powered search to its personal financial management platform.

The additions are meant to support the growth of the platform, which saw its customer base more than double to 14 million over the past year, according to a Thursday (March 7) earnings release.

The company also saw the number of customer inquiries it received through the platform leap 78% year over year, reaching 205 million in 2023, MoneyLion CEO Dee Choubey said Thursday during the company’s quarterly earnings call.

This shows customers’ increasing engagement with the firm’s financial services marketplace, he added.

“Our marketplace solutions, technology advantage, customer acquisition and monetization products have set us up nicely as the gateway to American financial services,” Choubey said.

The company officially launched its premium membership offering — MoneyLion WOW — after a couple of quarters of beta testing, Choubey said during the call.

Priced at $9.99 a month, MoneyLion WOW offers members exclusive benefits like cash back on first- and third-party products and offers. Together, these can add up to hundreds of dollars in benefits each year, according to a presentation released Thursday in conjunction with the earnings call.

For MoneyLion, the premium subscription offering is expected to increase the company’s total addressable market, increase recurring revenue, boost product adoption and deepen customer engagement, the presentation said.

“Any WOW member will be very clearly incentivized to consolidate their financial lives with MoneyLion,” Choubey said during the call.

“We want to become the most trusted go-to marketplace for financial decisions, and our WOW membership is a step in that direction, providing unique value at a great price,” he added.

MoneyLion also continues to enhance the search function on its platform by supporting it with generative AI capabilities, Choubey said during the call.

These enhancements provide customers with insights that help them make financial decisions about saving, borrowing, spending and investing, Chouby said. They also help customers find the right financial products and offers — all with context and personalization, he added.

“It’s also important to note here that we’re developing the core underlying technology and data structures to efficiently allow consumers to converse with their money,” Choubey said.