MoneyLion,Â the mobile personal finance platform, has secured a $42m Series B funding led by Edison Partners.Â
Existing investors FinTech Collective and Grupo SURA, as well as new investors Greenspring Associates and Danhua Capital also participated in the round, which brings the companyâ€™s total equity financing to $67m.
Back in December 2016, MoneyLion has raised $22.5m in its Series A round. That 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.
Founded in 2013, MoneyLion is a mobile finance platform that empowers consumers to take control of their financial lives by providing products for borrowing, saving, and investing. It uses analytics and machine learning-based technology to gain a 360-degree view of its usersâ€™ personal finances, enabling uniquely personalized advice and underwriting. With its built-in The platform MoneyLion encourages â€˜good financial behaviorâ€™ and better financial outcomes through rewards, points and incentives.
CEO and co-founder Diwakar Choubey said, â€œWe set out in 2013 with the mission to empower all Americans to take control of their financial lives with uniquely personalized financial products. Weâ€™re bringing private banking-like services to the middle class that address their toughest financial challenges, like fluctuating monthly income and expenses, access to affordable credit, and improving savings.â€
The latest investment follows comes shortly after the MoneyLion platform surpassed 1.5 million users and has experienced 178% compounded growth in revenue since 2015. In addition, MoneyLion has provided over 250,000 personal loans to its customers to help them manage unexpected expenses and achieve their financial goals.
Edison Partners targets businesses with between $5m and $20m in revenue, in financial, healthcare, enterprise and marketing technology sectors. Its foray into the FinTech space includes leading a $9m Series A round in GAN Integrity,Â a provider of compliance management software.
While last month, New York-based early stage investorÂ FinTech Collective pulled in just shy of $100m for fund II.Â The firm raised $93.8m after attracting commitments from 94 investors, according to a filing with the SEC.
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