US mobile bank increases the value of MoneyLion ‘Unicorn by $ 100 million

July 23, 2019

There is a new technical beginning in the United States, which is more than the case of Unicorn.

Manuelion, located in New York City, which provides customers with financial advice and access to loans and other services, said that today they have raised $ 100 million in a new round to accelerate their growth in the US market.

Manuelan said that Edison Partners and Greenspring Associates had led the third round of C series for a six-year startup. Metabank and Finitech Collective also participated in the round, while Capital One made a strategic investment.

A TechLrunch spokesman said that MoneyLion raised $ 60 million of venture capital and debt in the second quarter of 2018. It has not been detected before.

This means that MoneyLion has raised more than $ 200 million so far, according to someone who is familiar with this matter, making the current start-up round equal to the value of $ 1 billion.

MoneyLion, which tells itself to the mobile phone bank, manages micro-credit, micro-savings and wealth management.

All-in-one users allow users to link all their bank accounts and credit cards and receive personalized advice about how they spend their money better and also get an in-app loan.

MoneyLion founder and chief executive DE Choubey said in an interview with TechCrunch that startup is extracting most of its money from subscription services – which costs $ 19.99 a month – to sell consumers.

Providing subscription to banking packages, basic investment management and access to finance.

Chaubey did not mention the number of Manillion customers, but more than 5 million customers are using the app. It includes free users who have access to some basic banking facilities without any cost.

Chubby said that MoneyLion will use new capital to add new features to improve its subscription offerings, financing models and keep its existing users.

Last year, this app increased cash rebate for its members by more than $ 12 million, and 70% of users saw a 30-point increase in their credit score.

“You will see us investing heavily in brokers’ capabilities, training capabilities and equity investment capabilities. We think of approaching financial services like Netflix’s content approach, we want to keep the users accustomed to the platform. ”

In an interview with TechCrunch, Chris Sogden, managing director of Edison Partners, said, “Manilan focused on giving all bank offers for his program last year.

These are the “wide and first-class opportunities for banking and financial knowledge for customers” which they attract to emerging companies, he said.

Chaubi refused to share company revenue, said that the startup was in “phase of over-development”.

Because the traditional banks are taking steps to fulfill the growing financial needs of their customers, the number of emerging technology companies has been increasing for years to bridge this gap.

In many parts of the world, including the United States, “new banks” help small and medium enterprises to automate their financial resources and reach many additional facilities.

There is a common tendency in favor of facing the consumer.

On some fronts, MoneyLion, another $ 200 million mobile bank at the beginning of this year, the Acorn Investment Service, which has more than 3.5 million users, and SoFi Online Money Lenders, are quietly collecting 500, such as a handful of players Is competing with. Million dollars for months

“Money Loun provides everything to you if you go to the physical branch of the bank,” he told Krunchbase.

“They present a full range of possibilities, which are attractive from consumer perspectives because you do not want to apply 4-5 applications to change the bank.”

Sogden also believes that while there is a lot of discussion and interest in terms of investors rather than the digital bank, “the opportunity is still in the beginning.”

“The rate of adoption of these competitive banks is still low,” he told Crunchbase News. “Overall, it is one of the most exciting stores during the investment period of 17-18 years.”

Clearly investors are very interested in the area. Earlier in the day, Robinhood, the first trading platform for mobile phones, announced a $ 323 million E series with its new investment proposal, the Manilian will now compete directly with this company.

In an interview with TechCrunch, Managing Comrade Chris Sogden in Edison Companions said that in the last one year, Manila has focused on offering the full financial institution options on its platform.

“These are the wide and first-class opportunities for banking and financial literacy for buyers who attract emerging companies,” he said.

While the traditional banks are moving slowly to meet the growing cash requirements of their potential, many emerging technology companies have emerged in the past few years to bridge the gap.

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