MoneyLion, a New York based mobile personal finance platform, raised $22.5m in Series A funding.
The round was led by Edison Partners with participation from existing investors FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures, and individual investors from the finance and technology industries.
The company intends to use the funds, along with $650m in existing debt facilities, to continue investing in the technology and talent.
Led by Diwakar Choubey, co-founder and CEO, MoneyLion leverages machine learning analytics to enable spending, saving and credit tracking tools, as well as credit products. Its mobile app aims to simplify personal financial management, providing a single solution to track spending, savings, and credit. At the core of the company’s platform are analytical models that trigger recommendations for users to achieve their financial goals, ranging from building savings, improving credit health, or managing an unexpected expense with a personal loan.
The company has offices in Kuala Lumpur, Malaysia.