PFM MoneyLion Hits 2 Million Users

EXCLUSIVE – PFM platform MoneyLion now has 2 million customers on its app. That number is a milestone for the fintech that launched a little over four years ago.

Back in November, Bank Innovation reported that the New York-based personal finance app’s user base was 1.5 million, which implies about 33% growth within three months. In terms of revenues, the company told Bank Innovation in an email today that it has experienced 178% compounded revenue growth since 2015, although it would not reveal the actual amount.

Indeed, MoneyLion, whose target audience is middle-class Americans, has kept active to attract more users to its platform. Most recently, the company completed a $42 million Series B funding last month. Prior to that, it launched a new investment product called MoneyLion Plus, which helps its users building an average savings of $2,000 over two years. Read more about MoneyLion Plus here.

Aside from the user milestone, MoneyLion also revealed that its mobile app has been linked to more than 1.2 million bank accounts across the country; and over 500,000 users are currently enrolled in its free credit monitoring program.

In a statement emailed to Bank Innovation from the company’s media department, MoneyLion CEO and co-founder, Diwakar Choubey, said:

This important growth milestone is a tribute to our customer-centric approach and our focus on enabling the financial middle class to reach their goals, both today and in the future. We look forward to introducing more offerings in 2018 that help broaden access to better financial products and services.

To learn more about PFM apps and other fintechs, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to register.