American personal finance startup MoneyLion has secured $42m in Series B funding led by Edison Partners.
The new round was also joined by the company’s existing investors FinTech Collective and Grupo SURA as well as new investors Greenspring Associates and Danhua Capital.
The company intends to utilise the new funds and to expand its product line. The latest funding increases the company’s total equity funding to $67m.
Currently, its MoneyLion platform, which offers financial services to the users, has more than 1.5 million users.
The MoneyLion’s mobile app offers personalised advice to the customers according to individual spending patterns and credit profile as well as monitor credit and track balances across their bank and credit card accounts.
MoneyLion CEO and co-founder Diwakar Choubey said: “We set out in 2013 with the mission to empower all Americans to take control of their financial lives with uniquely personalised financial products.
“We’re bringing private banking-like services to the middle class that address their toughest financial challenges, like fluctuating monthly income and expenses, access to affordable credit, and improving savings.”
In November 2017, MoneyLion launched MoneyLion Plus – a subscription product that enables the customers to increase savings and reduce unexpected expenses by the automated savings, fully managed investing and low-cost credit onto one platform.
On investing in MoneyLion, Edison Partners managing partner Chris Sugden said: “We’re excited to continue to partner with MoneyLion as it disrupts the financial services industry and cements its position as the only solution managing both consumer assets and liabilities under one platform.”