Personal finance and lending platform MoneyLion has raised $22.5m in its Series A round.
The funding was led by Edison Partners with existing backers FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures as well as individual investors also participating.
The New York-based company aims to make use of machine learning analytics to offer users smarter tools and credit products that are personalised for individuals.
These include services such as recommendations to help users build up their savings, improve credit health or manage unplanned expenses with personal loans.
MoneyLion CEO and co-founder Diwakar Choubey said, “The needs of consumers are changing.
“Not only do they need faster access to personalized credit products in a seamless digital format, but also better tools and data-driven recommendations that provide a clearer understanding of their entire financial lives.â€
The company plans to use the funding alongside its existing $650m in existing debt facilities to drive growth and expand its lending capabilities.
It will also invest in its technology and teams as it enters new markets.
MoneyLion claims its loan business has been growing three-fold year-over-year in originations and volume, with more than 150,000 loans originated.
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