MoneyLion’s goal was to create a financial ecosystem that would help its underserved US customers improve their credit and access a broad range of customized financial products, save money on banking fees, and learn more how to manage their finances.
MoneyLion’s core lending product helped members access credit in times of need but didn’t necessarily lend itself to creating an engaged long-term customer or allow customers to develop good financial habits and build savings during periods where they had the capacity to put money away. In order to do that, they needed a particularly engaging and sticky financial product—investing. They wanted to offer automated managed investing to a demographic where most were newer or first time investors.
In 2017, MoneyLion launched the investment offering, leveraging DriveWealth’s powerful fractional investing platform. The MoneyLion investing platform possesses numerous unique features that DriveWealth was instrumental in supporting. Enabling members to move money in real time across the MoneyLion ecosystem and the ability to invest in up to four model portfolios—all within a single account—are only a few of the unique features forged through the MoneyLion and DriveWealth partnership.
Since 2017, MoneyLion has onboarded over one million investment accounts and based on a Q1 2021 survey, 60 percent of MoneyLion's investing clients were first time investors*. MoneyLion has also expanded its offering to include checking, lending, cash advances, credit-building, and a suite of tools to help manage personal finances. On September 21, MoneyLion began trading on the NYSE under the ticker symbol ML.
DriveWealth’s patent-pending Fracker technology enables notional investing in over 6,000 symbols out to eight decimal places. Autopilot, our proprietary portfolio management system, enables MoneyLion to build fractional portfolios and apply them across clients.