MoneyLion roars with $160m funding
MoneyLion, a US-based mobile bank, has raised $160 million in funding. The firm raised $60 million in previously unannounced financing and a $100 million Series C funding round. 
The round was co-led by Edison Partners and Greenspring Associates and included strategic investment from Capital One, a diversified bank that offers a broad array of financial products and services to over 45 million consumers. The round also included investment from MetaBank and FinTech Collective.
Upon completion of the Series C round, the company will have raised over $200 million in equity financing.
“We created MoneyLion with a focused goal of providing people with the most valued banking experience in the world,” says Dee Choubey, CEO and founder of MoneyLion.
“The strategic investment from these leading financial institutions validates our mission and approach and demonstrates their acknowledgment of a dynamic shift in consumer banking. It also reinforces consumer demand for fintech solutions that provide Americans with unprecedented access to the most powerful financial products and services in a single, integrated platform. More than just a challenger bank, MoneyLion is a membership destination that’s given its more than five million members a chance to once and for all take control of their financial futures.”
“We believe that MoneyLion, with its financial membership model and holistic approach to providing an all-in-one financial solution for millions of Americans, has created the most complete mobile banking destination in the market,” says Hunter Somerville, general partner at Greenspring Associates. “We’re proud to back what we see as the digital banking platform of the future.”
MoneyLion will use the funding to continue rapidly accelerating its customer growth within the US and drive further adoption of its powerful bank membership, which includes fee-free checking, 55,000+ free ATMs and zero-fee managed investment accounts that offer diversified portfolios, low-cost ETFs and hassle-free contributions.
The company also plans to expand its product offering by introducing a series of new and innovative financial tools, including 0% APR daily cash advances available to members any day of the week to help with short-term cash flow issues, a high-yield cash account, and a stock trading platform that allows members to invest in individual companies about which they’re passionate.
