MoneyLion talks about the evolution of the fintech industry and the rebundling of financial services in their featured blog post; the first wave of fintech was known for its unbundling of traditional financial services by fintech companies; as these companies have achieved success from focused product development, they are now looking to expand services for new verticals and cohesive cross selling; banks are also more broadly diversifying to meet customer needs; MoneyLion also notes API development as a key factor supporting the rebundling of services; the firm has brought together a range of online services that help customers improve their financial health and it sees rebundling as an important trend that will help to support more comprehensive fintech services for clients. Sponsored Blog Post
MoneyLion provides customers with a range of services for managing their finances and also includes credit products; the platform incorporates a unique rewards program that can help customers receive loan discounts and rewards from endorsements and on-time payments; company is a featured applicant in the 2017 Benzinga Global Fintech Awards competition; led by co-founders Dee Choubey, Chee Mun Foong and Pratyush Tiwari, the company raised $650 million in debt financing in September 2016 and $22.5 million in a Series A equity funding round in December 2016. Source
MoneyLion’s new feature is called Grow Your Stack; will help customers see a visual representation of their account balance as ‘cash’ over the real world; the feature will leverage iOS 11’s ARKit technology; Tim Hong, Chief Marketing Officer at MoneyLion stated, “If I write that you spent $350 on coffee as text, versus if I show you that in terms of a [visual] stack, you may be more likely to change your habits,” he said. “Not everyone learns in the traditional way.” Source
Today we're joined by Brett King, founder and executive chairman of Moven, one of the world's original digital banks, and Lex Sokolin, global head of fintech at ConsenSys. Lex and I discussed Moven's recent announcement to shutter its B2C business on episode 170 of Rebank. And we're happy to have the opportunity to connect with Brett directly to discuss the decision in more detail.