MoneyLion Roars Into Millions in New Financing

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Fintech startup MoneyLion announced it raised new funding to expand its rapidly growing mobile banking platform.

The startup announced it has raised $160 million in Series C funding from Edison Partners and Greenspring Partners, both of which lead the funding in this round. Supporting investors in this round are strategic investors CapitalOne, MetaBank and Fintech Collective.

The startup has raised more than $200 million in funding since its launch.

MoneyLion, based in New York City, currently has five million users and is competing with similar mobile banks such as Chime and CommBank for giving customers access to online checking and money management without fees and other costs associated with brick and mortar banking institutions. Millennials are especially targeted by these increasingly popular fintech startups.