Princeton, NJ (PRWEB) December 05, 2016
Edison Partners is pleased to announce leading a Series A financing in MoneyLion, a leading mobile personal finance platform that leverages machine learning analytics to enable smarter tools and credit products for consumers. Funds will be used to enable continued product innovation and lending capacity expansion. Existing investors in MoneyLion, including FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, and Montage Ventures, also participated in the round.
Since 2013, MoneyLion has been tackling the $800 billion consumer lending space, empowering consumers to take control of their finances by combining personal loans with credit monitoring, next generation personal financial management tools to track spending, and rewards for good financial habits. Utilizing sophisticated machine learning models, the platform makes recommendations on spending habits, personal loans, and other financial products to improve or build consumers’ credit.
“We are extremely impressed with MoneyLion’s ability to expand beyond lending to become an essential resource for a range of consumer financial activities,” said Chris Sugden, Edison Managing Partner, who led the investment and has joined the board of directors. “MoneyLion’s sophisticated technology, long-term view of the customer and impressive leadership team place them one step ahead of the competition. We look forward to supporting their growth as they continue to gain traction in the high-potential consumer finance space.”
The Company has been growing three-fold year-over-year in originations and volume, with over 150,000 loans originated, and is the only true, mobile-first platform in alternative lending. As the needs of consumers are changing, not only do they need faster access to personalized credit products, seamlessly and digitally, but also proactive financial recommendations driven by smart tools and data to take control of their personal financial wellness.
“We are building the next-generation of financial services for millions of consumers seeking control of their financial lives,” said Diwakar Choubey, co-founder and CEO of MoneyLion. “Edison Partners’ deep fintech industry expertise, network and track record specifically with financial services companies, and operating leverage makes them the ideal partner to help make this happen. We are excited to have a partner like Edison to help us accelerate our growth.”
MoneyLion is Edison Partners’ forty-first investment completed by the Financial Technology practice. Notable exits include Edgetrade, FolioDynamix, GAIN Capital, Liberty Tax and Princeton Financial. Current investments include: Axial, BFS Capital, Billtrust, Clearpool Group, Compliance Science, OptionsCity, Predata, Scivantage, Solovis and Trader Tools.
MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through smarter spending, saving and credit tracking tools, as well as better credit products. Founded in 2013 by a team of leading technologists and financiers, MoneyLion uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial advice. With its built-in system of endorsements and points, MoneyLion rewards good financial behavior and empowers customers to optimize their everyday financial decisions. MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia. For more information, visit http://www.moneylion.com or download the app here.
About Edison Partners
For 30 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey and build successful companies. Through the unique combination of growth capital and the Edison Edge platform, consisting of operating leverage, the Edison Director Network, and executive education, Edison employs a holistic approach to accelerating growth and creating value for businesses ($5 to $20 million in revenue) in financial, healthcare, enterprise and marketing technology sectors. Edison investment objectives also include: buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s active portfolio has created aggregate market value exceeding $10 billion. Its long-tenured team based in Princeton, NJ manages more than $1 billion in assets throughout the eastern United States.