Total amount raised
$547.5 Millions
Latest funding date
11/1/2024
Location
MoneyLion has successfully raised significant funding through multiple rounds, culminating in its acquisition by Gen for $1 billion. The platform offers a range of financial services, including personal loans, credit cards, and investment management.
Keep reading to explore the intricacies of MoneyLion's fundraising journey and the investors backing this innovative platform.
What Is MoneyLion?
Founded in 2013, MoneyLion is a financial technology company based in New York, New York. The company was established by Chee Mun Foong, Diwakar Choubey, and Pratyush Tiwari.
MoneyLion offers a comprehensive suite of financial services, including mobile banking, lending, investment solutions, and cryptocurrency trading. Their products include Instacash, RoarMoney, Managed Investing, MoneyLion Crypto, Personal Loans, and High Yield Savings.
With a workforce of 101-250 employees, MoneyLion leverages analytics and machine learning to provide personalized financial advice and underwriting, aiming to help people manage their money more effectively.
How Much Funding Has MoneyLion Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial product offerings.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand its user base.
- Series A
- Amount Raised: $25.5M
- Date: December 2016
- Lead Investors: Edison Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B
- Amount Raised: $42M
- Date: January 2018
- Lead Investors: Edison Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and develop new financial tools.
- Series B
- Amount Raised: $60M
- Date: June 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and operational needs.
- Series C
- Amount Raised: $100M
- Date: July 2019
- Lead Investors: Edison Partners, Greenspring Associates
- Valuation at Round: Nearly $1 billion
- Motivation Behind the Round: To expand membership base and invest in technology.
- Post-IPO Equity
- Amount Raised: $250M
- Date: September 2021
- Lead Investors: BlackRock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support new product development.
- Post-IPO Debt
- Amount Raised: $70M
- Date: November 2024
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve financial stability and expand operations.
Total Amount Raised: $547.5M. Current Valuation: Nearly $1 billion.
Key Investors
- Silicon Valley Bank
- Details: Silicon Valley Bank is a high-tech commercial bank that primarily serves technology, life sciences, and venture capital clients. It offers a range of financial services including loans, treasury and cash management, and investment banking.
- Investment Focus Areas: Technology, life sciences, venture capital.
- Notable Investments: Not publicly disclosed.
- BlackRock
- Details: BlackRock is a global investment management corporation based in New York City. It is the world's largest asset manager, with over $9 trillion in assets under management.
- Investment Focus Areas: Asset management, financial services, technology.
- Notable Investments: Apple, Microsoft, Amazon.
- Edison Partners
- Details: Edison Partners is a growth equity firm that invests in technology-enabled businesses. The firm focuses on companies that are scaling and need capital to accelerate growth.
- Investment Focus Areas: Fintech, healthcare IT, enterprise solutions.
- Notable Investments: MoneyLion, Billtrust, Clearpool Group.
- Greenspring Associates
- Details: Greenspring Associates is a venture capital firm that invests in growth-stage companies and venture capital funds. The firm has a diversified portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Uber, Grubhub, Snap.
- Capital One
- Details: Capital One is a diversified bank that offers a broad range of financial products and services to consumers, small businesses, and commercial clients. It is known for its credit card, auto loan, and banking services.
- Investment Focus Areas: Banking, credit services, technology.
- Notable Investments: Snowflake, Uber, Snap.
What's Next for MoneyLion?
MoneyLion stands at the cusp of significant growth opportunities, driven by its plans to expand product offerings and increase its customer base across the U.S. The introduction of new financial tools like 0% APR daily cash advances and a high-yield cash account positions the company to capture a larger market share in the fintech space.
Future fundraising efforts are likely to be bolstered by the company's near-unicorn status and its ability to attract strategic investments from major players like Capital One and MetaBank. However, MoneyLion will need to navigate challenges such as intense competition from other fintech firms and regulatory hurdles to maintain its growth trajectory.
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