MoneyLion, a NYC-based digital personal finance platform for the financial middle class, secured a $42m Series B funding.
The round was led by Edison Partners with participation from existing investors FinTech Collective and Grupo SURA, as well as new investors Greenspring Associates and Danhua Capital.
The company, which has now raised $67m in equity financing, will use the funds to increase investment in technology and continue to expand its product line.
Led by Diwakar Choubey, CEO and co-founder, MoneyLion equips consumers with products to borrow, save, and invest so they can build financial resilience. With the free mobile app, customers can receive personalized advice based on their spending patterns and credit profile, monitor their credit, and track balances across bank and credit card accounts. In addition, MoneyLion has provided over 250,000 personal loans.
On November 6th, the company announced the launch of MoneyLion Plus, a subscription product that enables automated savings, fully managed investing and credit onto one platform.
MoneyLion is headquartered in New York with offices in San Francisco, Salt Lake City and Kuala Lumpur, Malaysia.