Edison said it will use the funds to expand its product line.
In total, Edison's latest investment brings total equity raised to $67 million for MoneyLion. MoneyLion has experienced nearly 100 percent compound annual growth since Edison’s first investment in November 2016.
MoneyLion provides an AI-powered consumer finance platform that allows consumers access to low-interest credit, automated savings and investment opportunities.
“Many traditional financial institutions and fintech platforms cater to super-prime, mass affluent consumers, which is only a small part of the US market. In fact, more than 75 percent of America’s consumers remain underserved by financial services providers,” said Chris Sugden, managing partner at Edison Partners. “MoneyLion brings consumer credit and savings to the financial middle class. By delivering both a liability and wealth management digital solution on the same platform, MoneyLion brings a complete financial toolkit for consumers who earn less than $100,000.”
With MoneyLion’s mobile app, clients can monitor their credit, track bank balances and receive personalized advice based on their spending habits. The company has also provided 250,000 personal loans.
“Edison Partners and the Edison Director Network have helped us build a superior, profitable platform that simultaneously tackles both sides of the balance sheet for our customers,” said Diwakar Choubey, CEO and co-founder of MoneyLion. “We’re excited by today’s milestone and the continued support of our investors and customers for our platform.”
Sugden added: “Everyone at Edison and members of the Edison Director Network who have spent time with MoneyLion are impressed. They’ve shown strong loan growth and high customer adoption, and have made smart investments across product, user acquisition, risk selection and customer engagement to manage their growth. They are a game-changer in the digital lending, investing and financial advisory space.”