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MoneyLion CEO: Checkout Extends Our Evolution From Neobank to Financial Services Marketplace
- MoneyLion is not just a neobank, it is a financial services marketplace where consumers can access a variety of financial service products, including insurance, investments, credit and bank accounts.
- MoneyLion has adopted an Amazon-style approach to make it easy for consumers to discover and “check out” financial services products through its one-stop ecosystem.
- To address friction in the financial services process, MoneyLion has created a one-stop ecosystem that offers access to multiple services without the need to start the application process fresh.
- MoneyLion has launched a marketplace called MoneyLion Checkout that enables consumers to search, apply for and complete transactions across third party financial products.
- The company’s enterprise business grew 17% in Q3 compared to Q2, contributing to a top-line growth of 23% of $135m. MoneyLion has pivoted away from being a direct-to-consumer model, with first party products accounting for more than 90% of MoneyLion’s business.
- Partner companies connect to the MoneyLion network directly or via APIs. The company is taking the technology it built for its consumer business and making it available to enterprise partners.
- The MoneyLion population largely mirrors the US economy, and there is pent-up consumer demand for its products. The company is investing in its brand and raising awareness among consumers.
- In September, MoneyLion and TransUnion partnered to boost personalisation within consumer finance. The two companies are using bank verification data and AI to clean data and create a personal financial management tool.
- MoneyLion aims to become a must-have for the mass audience of the US.
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