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.
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.
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