MoneyLion Raises $160M Series C Nearing Unicorn Status

MoneyLion, a U.S.-based mobile banking platform, raised $160 million in Series C funding in July 2019, comprising a $100 million round and a prior unannounced funding tranche. The investment brought MoneyLion close to achieving unicorn status with a valuation approaching $1 billion. MoneyLion provides a suite of consumer financial services through its mobile app, including banking, lending, and investment products, positioning it as an embedded finance platform for underserved consumers.

The significant capital raise was intended to accelerate user acquisition and product development across its multi-product financial platform. MoneyLion's bundled approach to consumer financial services — combining accounts, lending, and investments in one app — exemplifies the embedded finance model where multiple banking products are integrated into a single digital experience. The funding underscored growing investor appetite for challenger banking platforms targeting mainstream American consumers.