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.
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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. 

 


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