MoneyLion has launched a new marketplace that lets consumers search, apply for and complete transactions across third-party financial products like loans, credit cards and savings accounts.
The new MoneyLion Checkout delivers these capabilities within the user experience of the MoneyLion digital ecosystem for consumer finance, the company said in a Tuesday (Oct. 22) press release.
“Consumers today expect financial product purchases to be as easy as any other digital shopping experience,” Dee Choubey, co-founder and CEO of MoneyLion, said in the release. “With MoneyLion Checkout, we’re making that a reality, further strengthening MoneyLion’s role as a trusted partner for every financial decision.”
MoneyLion Checkout also integrates consumer and third-party data directly with the company’s financial services partners, enabling higher conversion rates and expedited consumer onboarding, according to the release.
With this data, MoneyLion can verify millions of consumers, automatically pre-fill their application forms, streamline the consumer prequalification process and deliver insights that help financial services partners better align their products with consumer demand, per the release.
“MoneyLion Checkout drives both volume and efficient customer acquisition costs by ensuring that financial institutions can reach the right consumers with personalized offers through our expansive distribution network,” Choubey said in the release.
MoneyLion is enjoying a successful pivot from a neobank to what is essentially a consumer and business financial services portal and shopping mall, PYMNTS reported in August.
A year after posting substantial losses as a neobank, the financial services portal rode its new business model to a second straight profitable quarter in the second quarter.
“We measure success by how many decisions a consumer’s making on our platform in a recurring manner over time,” Choubey told PYMNTS CEO Karen Webster in an interview posted Aug. 6. Choubey emphasized the importance of user engagement and trust in the ecosystem.
On Oct. 7, MoneyLion said it adopted a new solution from Plaid that allows consumers to link their bank accounts and get pre-qualified for loans.
In September, MoneyLion teamed up with TransUnion to integrate TransUnion’s comprehensive credit data with MoneyLion’s digital acquisition platform, making sure consumers get the most personalized and relevant financial offers.
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