MoneyLion is building a digital bank for middle America
Although the US economy has recovered from the Great Financial Crisis, 100 million Americans still remain just $500 away from experiencing a personal financial crisis.
We were introduced to Dee Choubey in June 2013 by another founder. Dee had an ambition to bring “American Express-like” financial services to America’s middle class and, in doing so, build a new model of financial institution, focused on solving an acute consumer need.
Prior to founding MoneyLion, Dee focused on specialty consumer finance at Goldman Sachs. Chee Mun Foong, MoneyLion’s CTO, designed algorithms for the U.S. government that helped predict troop movements in one region based on tank movements in another region. And CIO, Pratyush Tiwari, previously founded a big data company focused on applying ontology-based machine learning to deep patent analytics.
The team had known each other for fifteen years and were well-suited to deliver a product that would leverage cutting-edge technology to solve consumer problems in a deeply regulated market.
While early examples of digital financial services were coming to market (e.g. Lending Club, Avant) in 2013, most of them were little more than digital veneers on top of otherwise traditional businesses. And traditional banks, burned by the mortgage crisis, were predominantly focused on prime customers and more basic digital transformations of their internal processes.
Approximately 70% of Americans have less than $2,000 in liquid savings. Decades of stagnant wages have contributed to the country’s savings crisis, and many established financial institutions have also tightened banking requirements, leaving behind middle-class families. Today, in many places throughout the US, the only financial products available to middle-class Americans are those that perpetuate debt cycles that are nearly impossible to escape.
MoneyLion were unique in the market segment that they sought to serve, the expansiveness of the offering they envisioned, and the role that data and technology were going to play in building an immersive financial offering.
90 million Americans have an adversarial relationship with their bank.
Dee Choubey, CEO
Today, five years after launching, MoneyLion has over 4 million members and has evaluated financial details on over 40 million prospective customers.
The MoneyLion proposition bundles no-fee checking with investing and borrowing through a digital offering that educates, rewards, and supports members in achieving new financial goals.
FinTech Collective has championed and supported MoneyLion since leading the seed financing in April 2014.
Current Status: Active
MoneyLion In The News
- Oct 22, 2018 MoneyLion Announces Financial Membership MoneyLion, officially launched America’s most powerful and rewarding financial membership to help people take control o…
- Oct 18, 2018 Dee Choubey from MoneyLion - Bank on It (Podcast) John Siracusa chats with Dee Choubey, co-founder & CEO at MoneyLion.
- Apr 10, 2018 MoneyLion Announces Big Alternative to the Big Bank MoneyLion announced that it will be expanding its popular MoneyLion Plus membership with a full suite of checking and s…
- Nov 08, 2018 MoneyLion and Team Penske 2019 Partnership MoneyLion, America’s most powerful financial membership, today announces an enhanced multi-year partnership with Team P…
- Feb 13, 2018 MoneyLion Reaches 2 Million Customer Milestone As Growth Accelerates MoneyLion, the digital personal finance platform for the financial middle class, now empowers over 2 million customers …
- Nov 06, 2017 MoneyLion Takes On America’s Savings Crisis With The Launch Of MoneyLion Plus MoneyLion Plus enables the 70% of Americans with less than $1,000 in savings to manage unexpected short-term expenses a…
- Mar 26, 2018 Ron Suber Joins Startup's Advisory Board Ron Suber has joined the advisory board of personal finance management startup MoneyLion.
- Oct 04, 2018 Wilshire Associates Has Launched A New Range Of ETF-Based Model Portfolios For Robo-Advisor MoneyLion New York-based MoneyLion has partnered with Wilshire to create 4 ranges of 6 risk-based portfolios for the firm, with e…