MoneyLion, a NYC-based mobile bank, raised $160m in funding.
– a $60m in previously unannounced financing, and
– a $100m Series C funding round.
The round was co-led by Edison Partners and Greenspring Associates and included strategic investment from Capital One and MetaBank and FinTech Collective.
Upon completion of the Series C round, the company will have raised over $200m in equity financing.
MoneyLion will use the funding to continue accelerating its customer growth within the US, drive further adoption of its bank membership, and expand its product offering by introducing a series of new and innovative financial tools.
Led by Dee Choubey, CEO and founder, MoneyLion provides new mobile online banking and managed investment services that offer a cashback rewards program, no-fee checking account, overdraft protection, and loans .
Since its launch in 2013, the company has reached more than five million members who, from a single mobile app, can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings.
The bank membership 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.
MoneyLion has offices in San Francisco, Salt Lake City and Kuala Lumpur, Malaysia.