US-based personal finance services provider MoneyLion revealed a $100m series C round yesterday that includes payment services provider Capital One and financial services firm MetaBank.
Growth equity firm Edison Partners and venture capital investment platform Greenspring Associates co-led the round, which included VC fund FinTech Collective.
The capital was disclosed alongside $60m of previously undisclosed funding, and a person familiar with the matter told TechCrunch the latest round valued the company at almost $1bn.
Founded in 2013, MoneyLion markets a membership scheme that provides customers with access to a group of consumer finance services that include mobile banking, credit-building and financial monitoring that can be accessed through its app.
MoneyLion members are also eligible for perks like no-fee cheque deposits, free cash withdrawals and zero-fee managed investment accounts.
The capital will support the growth of the company’s member base while its product range will be expanded with services including a 0% APR daily cash advance, high-yield cash account and a members-only stock trading platform.
Financial services firm Grupo Sura joined FinTech Collective, Greenspring and VC fund Danhua Capital for MoneyLion’s $42m series B round, which was led by Edison Partners in January 2018. The company added $28.8m in series B-2 from unnamed backers eight months later, according to a regulatory filing.
Edison Partners had led a $22.5m series A round for MoneyLion in 2016, with contributions from FinTech Collective, Montage Ventures, Broadhaven Capital Partners, Citizen.VC, Clocktower Ventures and assorted business angels. Grupo Sura was described as an existing investor in the series B round.
Jeremy Kuiper, head of MetaBank’s VC arm, Meta Ventures, said: “When presented with the opportunity to invest in MoneyLion, we were overwhelmed by their unique approach to changing consumers’ relationships with their finances through membership, data and community engagement.
“We are excited to continue our legacy of partnering with innovative companies that are powering the future of personal finance, like MoneyLion.”