Launch year: 2013
Country: United States
Categories: ,
Funds raised: USD 227.5 million (Series C)

MoneyLion: The All-In-One Mobile Banking Membership

Concept description

MoneyLion is a mobile banking platform for personal finance, offering a wide variety of services to its customers using a membership model. Membership costs depend on the services used.

Services offered include:

  • Mobile online banking
  • Managed investment services
  • No-fee checking account
  • Savings
  • Credit-building
  • Cash advances
  • Personal loans
  • Trading platform

Value proposition

The key benefits of MoneyLion are as follows:

  1. One-stop shop for all personal finance needs – MoneyLion offers the full suite of products and services that a customer may need from a traditional bank, unlike a lot of apps that provide one or two great alternatives to traditional banking capabilities. Customers no longer need to log in to multiple apps in order to execute various banking processes.
  2. Low-interest loans – MoneyLion can provide approvals for low-interest loans based on behavioral data and analytics generated from a customer use of the MoneyLion app. Customers can borrow up to $500 at APRs as low as 5.99%. No credit check is required before the loan is extended.
  3. Zero-free checking – zero monthly service fees, no overdraft fees and no required minimum balance.
  4. Personalized budgeting tips – MoneyLion uses AI and machine learning capabilities to deliver credit-building and money-saving recommendations to its customers.

In a nutshell, MoneyLion is great for customers that value the simplicity and convenience of addressing all their banking needs in one place, customers with lower credit scores that wish to apply for personal loans at low interest rates, and customers that wish to achieve financial independence through better savings and investment goals.

Illustration (Video)

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