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MoneyLion Case Study

ROBO ADVISORY SOLUTION

MoneyLion launched its business initially as an online consumer loan company. They aspired to build a broader financial platform, incent their customers to build their financial lives within the MoneyLion ecosystem, and encourage the development of good financial habits and regular customer engagement with MoneyLion's toolset. Through the partnership with DriveWealth, MoneyLion launched an embedded managed investing (Robo advisory) product which helped MoneyLion quickly scale into a fulsome, high engagement membership-based digital banking platform.

How MoneyLion used DriveWealth to launch the leading financial membership app for empowering the US middle-class and underbanked to take control of their finances

The Problem:

Creating an engaging financial ecosystem

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.

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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.



The Solution:

The Solution: Building an engaged ecosystem via Robo Advisory

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.

Results:

MoneyLion scales to “America’s Leading Digital Financial Platform”

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. 


* (company report 2018)


Barron's — Another Fintech Is Going Public Through a Blank-Check Company, in a $2.9B Deal
“DriveWeath has been a key partner to MoneyLion since we launched our investment platform in 2017. Each new challenge and project has been met with enthusiasm and support by the DriveWealth team, and we truly appreciate the great partnership that we’ve forged.”
Jon Stevenson, Head of Wealth Management at MoneyLion

The DriveWealth Difference

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. 


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