10-Q, Member Exclusive

Q2 earnings & beyond: 3 questions with Dee Choubey, CEO of MoneyLion

  • Dee Choubey, CEO of MoneyLion talks about factors that contributed to the second quarter results, challenges regarding regulation and compliance, and his outlook on the US economy for the second half of 2023.
  • Upstart exceeded expectations on revenue and net income for Q2, yet its shares tanked sharply nearly 53% in a week, after the lending platform issued Q3 revenue guidance that fell short of analysts' expectations.

Email a Friend

Q2 earnings & beyond: 3 questions with Dee Choubey, CEO of MoneyLion

Welcome to the 10-Q newsletter

The 10-Q newsletter is part of the Tearsheet Pro subscription.

10-Q provides insight and market analysis into the moves of top banking and fintech stocks over the past week. In your inbox every Friday.

Weekly 10-Q

In today's edition:
Last week we covered:

Q2 earnings & beyond: 3 questions with Dee Choubey, CEO of MoneyLion

Q2 earnings & beyond: 3 questions with Dee Choubey, CEO of MoneyLion

A conversation with Dee Choubey on Q2 results, regulatory pressures, and his outlook for the next half of 2023.


Source: MoneyLion

For the second quarter ending June 30, 2023, MoneyLion reported:

  • Net Revenue came in at $107 million, up 22% YoY
  • Gross Profit increased 30% to $62.6 million compared to $48.1 million in Q2 2022
  • Adjusted EBITDA stood at $9 million vs. $18.5 million in Q2 2022

While the company has shown strong growth in revenue, its profitability remains a concern. The company reported a net loss of $27.7 million at a 59% gross profit margin in Q2 2023, up from $23.06 million. However, analysts are hopeful and predict a surge in the stock price in the months ahead based on the firm's consistent growth since the past quarters.

I spoke with Dee Choubey, CEO of MoneyLion, about what factors contributed to the second quarter results, challenges regarding regulation and compliance, and his outlook on the US economy and banking sector for the second half of 2023.

What key factors contributed to MoneyLion’s Q2 results – positive numbers and areas that can be further refined?

Dee Choubey, ML: We’re proud to have achieved a second consecutive quarter of positive Adjusted EBITDA and more than a year of consistent quarterly improvement on our path to profitability, highlighting our acute focus on efficiency. 

Importantly, we continue to position ourselves to capture market share when credit conditions and digital ad-spend, which have impacted the industry for the last 12 months, normalize. As we expand our Enterprise network of partners and support even more asset classes, the scale of unmet demand continues to grow, positioning MoneyLion for a massive revenue opportunity and margin expansion going forward.

How challenging has it become to launch new products/services or expand existing ones amid increasing regulations?

Dee Choubey, ML: Regulation is a fact of life in the financial space and we welcome it as we build and launch innovative products that create great outcomes for our customers. We embrace sensical guidelines that promote transparency and choice for consumers.

We’ll continue to work very hard in cooperation with regulators and other stakeholders to promote consumer protection while also fostering innovation and healthy competition, with the hope of reaching measures that make sense and are in line with modern practices in every other area of finance and tech, so we can clear the field of bad actors together. 

What is your outlook on the US economy and banking sector at large for the second half of 2023?

Dee Choubey, ML: We believe we are seeing signs of improvement in what has been a tough macroeconomic climate for everyone. We strategically serve the general population in the United States.

Our consumer products are a must-have for hardworking families, and we’re seeing that they are remaining resilient. We are looking forward to the normalization of credit conditions and digital ad-spend that have impacted the industry for the last 12 months.

Market recap

The fintech IPO index saw some big dips last week

Upstart (UPST) - down 53% to $32.05 per share

  • Although Upstart exceeded expectations on revenue and net income for Q2, its shares tanked sharply after the lending platform issued Q3 revenue guidance that was viewed as disappointing and fell short of analysts' expectations. 
  • The company expects Q3 revenue of $140 million compared to the $155.4 million estimate. It also expects its contribution margin to be 65% in Q3, down from 67% in Q2.

Green Dot (GDOT) - down 17% to $15.96 per share

  • Despite payments firm Green Dot reporting better-than-expected Q2 results, investors don't seem that impressed.
  • Quarterly non-GAAP earnings of 37 cents per share exceeded the consensus estimate by 8.8%. However, the bottom line decreased by 50% on a YoY basis. Non-GAAP operating revenues of $361.1 million also beat estimates by 8.7% but dropped YoY.

Editor's picks

Tweet of the week

Just look at the charts

1. Block gross profits Q2 2023

Source: Block

2. Visa payment volume Q2 2023

Source: Visa

This week's reads

PayPal is in for a rough ride as Apple Pay Later ramps up


PayPal is at the fore as the most-used BNPL brand, yet 17% of PayPal users also tried and paid through Apple Pay Later as of June. PayPal might be in for a rough ride in the months ahead as Apple Pay Later is gaining market share quickly, siphoning off a portion of PayPal customers.

Visa and Conferma Pay partner to expand Visa Commercial Pay globally

IBS Intelligence

Visa and Conferma Pay, a virtual payments technology provider, have extended their strategic collaboration to enhance Visa Commercial Pay, a suite of B2B payment solutions. This partnership aims to improve cash flow for businesses and eliminate outdated manual processes.

Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach


U.S. regulators announced a combined $549 million in penalties against Wells Fargo and a raft of smaller or non-U.S. firms that failed to maintain electronic records of employee communications. The SEC disclosed charges and $289 million in fines against 11 firms for “widespread and longstanding failures” in record-keeping, while the Commodity Futures Trading Commission also said it fined four banks a total of $260 million for failing to maintain records required by the agency.

0 comments on “Q2 earnings & beyond: 3 questions with Dee Choubey, CEO of MoneyLion”

10-Q, Member Exclusive

Behind Citizens Bank’s evolving strategy in a crowded BNPL market

  • Citizens Pay's Christine Roberts shares insights on how Citizens Pay has evolved since its inception and if it has an edge over fintech BNPL lenders.
  • In other news, Arm and Instacart IPOs could be meaningful for Goldman Sachs to open new doors of revenue and IPO fees for the Wall Street firm.
Sara Khairi | September 25, 2023
10-Q, Member Exclusive

Chasing ambitions: SoFi elevates its game by participating in underwriting the Instacart IPO

  • Underwriting part of the Instacart IPO can be a big shot for SoFi, which went public in 2021 and is best known for student loan refinancing.
  • Also, Wall Street banks added modest gains to the IPO Index last week.
Sara Khairi | September 18, 2023
10-Q, Member Exclusive

Dime Community Bancshares steps into healthcare lending as part of its commercial banking expansion

  • Dime makes a move into the healthcare sector to offer financing solutions and support capital-intensive projects.
  • The CFPB is keeping tabs on Apple’s policy of limiting access to the NFC chip technology that makes Apple Pay the only mobile payment service that utilizes the ‘tap and go’ technology embedded in iOS devices limiting other companies from developing their own tap-to-pay apps for Apple devices.
Sara Khairi | September 11, 2023
10-Q, Member Exclusive

Better.com’s shiny IPO debut: Can the mortgage lender pave its way to become a Wall Street darling?

  • Can Better.com gain Wall Street's respect?
  • Federal Reserve Chair Jerome Powell on Friday warned that additional interest rate increases could be yet to come, as inflation is still above where policymakers feel comfortable.
Sara Khairi | August 28, 2023
10-Q, Member Exclusive

‘We still need to earn the trust of millions of Americans who are experiencing digital banking for the first time’: Dave’s Jason Wilk

  • Jason Wilk, CEO and founder of Dave, talks about second quarter results, challenges for neobanks at large, and what's in store for the firm in the months ahead.
  • Marqeta shares popped 8% last week as the firm extended its alliance with its largest customer, Block, through 2027 for transaction services for Cash App and Afterpay.
Sara Khairi | August 21, 2023
More Articles