US-based personal finance platform MoneyLion secured $42m in series B capital on Thursday from investors including financial services firm Grupo Sura.
The round was led by growth equity firm Edison Partners and also featured venture capital funds FinTech Collective and Danhua Capital and VC investment platform Greenspring Associates.
Founded in 2013, MoneyLion has created a mobile app that enables users to gain an insight into their spending patterns, monitor their credit score and keep tabs on their balances across bank accounts and credit cards.
The company has additionally introduced a premium offering, MoneyLion Plus, which integrates automated savings, fully managed investing and loans into a single platform.
Users can also apply to MoneyLion for personal loans. It revealed in a statement announcing the series B round that it is turning a profit and will use the funding to boost investment in its technology and add further products.
MoneyLion has now raised a total of $67m, it said. The company also had $650m in existing debt facilities as of December 2016.
Edison led MoneyLion’s $22.5m series A round in 2016, participating with FinTech Collective, Citizen.VC, Clocktower Ventures, Broadhaven Capital Partners, Montage Ventures and assorted angel investors.
Grupo Sura was identified as a returning investor for the series B round, but its previous involvement in MoneyLion’s funding could not be ascertained.