Financial services company MoneyLion announced $160 million in funding, a combination of $60 million in previously unannounced funding and a $100 million Series C round, according to a company announcement. The round was co-led by Edison Partners and Greenspring Associates, with Capital One and MetaBank also making an investment.
The latest funding puts the financial advice and financial services company at “nearly $1 billion,” according to a TechCrunch report. The millions of dollars in dry powder will be used to introduce new tools, including 0% APR daily cash advances for members needing short-term cash, a high-yield cash account and a stock trading platform for members interested in buying equity in individual companies. Funds will also be used to go after new customers within the United States. Cash accounts, in particular, have proven popular with fintech companies as of late, with Betterment, Wealthfront and others announcing or launching high-yield cash solutions, as a means for attracting new customers.
“You will see us investing heavily in broker/dealer capabilities, training capabilities and stock investing capabilities,” Dee Choubey, founder and CEO of MoneyLion, told TechCrunch. “We want to keep users hooked to the platform.
“The strategic investment from these leading financial institutions validates our mission and approach and demonstrates their acknowledgment of a dynamic shift in consumer banking,” he added.