Member Exclusive, New banks

As it prepares to go public, MoneyLion is growing quickly, reducing losses

  • Challenger bank MoneyLion grew its revenue by 32 percent, reaching $79.4 million for the full year of 2020, according to its latest earnings report.
  • The fintech is tapping into the cryptocurrency world through its partnership with digital asset platform ZeroHash.
close

Email a Friend

As it prepares to go public, MoneyLion is growing quickly, reducing losses

Challenger bank MoneyLion recently announced its earnings for 2020. The company reported a revenue increase of 32 percent, reaching $79.4 million, compared to $60.4 million in 2019.

This increase was fuelled largely by revenue generated through its loan originations and its 60 percent increase in membership growth, which now ranks at around 1.4 million users. This marks a significant jump from its customer base in 2019 which amounted to around 894,000 consumers. 

MoneyLion earns its revenue primarily through its loan business and its subscription offering through a combination of fees and interest charged to its consumers. In 2020 the mobile bank reported a total payment volume growth of 84 percent to $510 million while total originations grew by 242 percent to $410 million. In 2019 these were $277 million and $120 million respectively.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “As it prepares to go public, MoneyLion is growing quickly, reducing losses”

New banks

Tiller: the personal finance platform replacing Microsoft’s Money in Excel

  • Excel is popular among users as a platform to manage money, and now Microsoft is promoting a third-party developer to make it fitter for the job.
  • Tiller connects a spreadsheet directly to a user's bank, where it then automatically categorizes and display's a user' financial data.
Subboh Jaffery | June 22, 2022
New banks

Credit Karma introduces new cash back rewards program for debit consumers

  • The company will now reward every purchase made at a Cardlytics partner merchant with instant cash back.
  • Consumers will be able to reap rewards for paying with Credit Karma Visa debit card at stores like Adidas.
Rabab Ahsan | June 21, 2022
New banks

The transformation of traditional banking: 3 questions with Rohan Amin, Chief Product Officer at Chase

  • What kind of structural changes were caused by the pandemic in the traditional banking sector?
  • Rohan Amin, CPO at Chase, talks about digital channels in banking, growing fintech competition, and what Chase intends to accomplish in the future.
Sara Khairi | June 20, 2022
Member Exclusive, New banks

Banking Briefing: The SMB/fintech fairytale & what makes a successful challenger bank

  • The recent news about Brex could be a cautionary tale for other SMB-focused fintechs.
  • Plus, MX's VP of product gives his thoughts on what makes a successful challenger bank
Rivka Abramson | June 20, 2022
New banks

Now that Marcus by Goldman Sachs’ acquisition of GreenSky is complete, what’s next for the combined firm?

  • In September 2021, Goldman Sachs announced it was acquiring home improvement lender, GreenSky.
  • After closing the deal earlier this year, leaders of the combined entities are focused on further building out the Marcus digital consumer banking platform.
Zachary Miller | June 13, 2022
More Articles