MoneyLion, the mobile personal finance platform that leverages machine-learning analytics, announced it raised $22.5 million in a Series A venture capital funding round led by Edison Partners. That, coupled with $650 million in existing debt facilities, will fund the company’s growth and expand its lending capacity, MoneyLion said in a press release.
Other investors that took part in the round of fundraising include FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures and individual investors from the finance and technology industries.
“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,” said Diwakar Choubey, cofounder and CEO of MoneyLion, in the press release. “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 wellbeing.”
MoneyLion’s mobile app is personalized for each user and aims to make personal financial management easy by providing one place for users to track spending, savings and credit. The platform relies on analytical models to provide recommendations to help users reach their financial goals — be it building savings, improving their credit score or managing unexpected expenses via personal loans.
“Since meeting the founding team in 2013, we have shared MoneyLion’s vision of building a modern financial platform based on the value of long-term relationships,” said Brooks Gibbins, managing partner at FinTech Collective, in the same press release. “MoneyLion’s proprietary financial management and credit monitoring tools create a holistic picture of an individual’s personal balance sheet and is unique in the industry.”
MoneyLion noted in the release its loan business has been growing threefold year over year in terms of originations and volume. It has originated more than 150,000 loans.