Nov 06, 2017
NEW YORK--(BUSINESS WIRE)--Despite solid economic and wage growth in the U.S. since the 2008 crisis, a host of studies point to critically low rates of savings and widening income inequality among American consumers. In the face of this savings crisis, mobile consumer finance platform, MoneyLion has launched MoneyLion Plus to help everyday Americans overcome today’s unexpected expenses while building savings for the future. MoneyLion Plus combines guided savings, simple investing, access to low-cost loans, and the personalized benefits of the MoneyLion platform, including tools to monitor credit, track spending, and earn rewards. The suite of tools is a first-of-its-kind innovation designed for consumers to build their credit, financial resilience, and first $2,000 in savings.
Since 2013, MoneyLion has helped over 1.5 million consumers work towards their financial goals. Over this time, more than 200,000 loans have been provided, a million bank accounts linked to the mobile app, and thousands of customer interviews conducted. This data has equipped MoneyLion with deep insights about the financial challenges of the middle class and has laid the foundations for MoneyLion Plus.
Data from MoneyLion shows that without access to similar support, consumers will typically get mired with only $500 in savings, even after two years of effort. By contrast, MoneyLion Plus is designed to help its members reach $2,000 in savings over the same period, even when faced with inevitable unexpected expenses.
Today’s U.S. household savings statistics are staggering. Seventy percent of Americans are unable to cover a $1,000 emergency expense with their current saving. In creating MoneyLion Plus, we’ve used our edge in behavioral data and analytics to democratize access to private banking-like financial tools typically reserved for affluent consumers.
Diwakar Choubey, CEO and Co-Founder - MoneyLion