MoneyLion Rebrands Embedded Finance Tool

MoneyLion’s embedded finance platform has a new name.

The online lender announced in a Tuesday (March 21) press release that it is renaming its Even Financial platform, which will now be known as “Engine by MoneyLion.”

The rebrand follows MoneyLion’s acquisition of Even Financial last year and reflects “the expanded breadth and capabilities of the combined company,” the firm said in the release.

“This is an exciting moment for us, as we further our position as a leader in the space,” Dee Choubey, MoneyLion’s co-founder and CEO, said in the release. “We are delivering on our vision to make financial services more accessible to everyone, powering a remarkably vast set of products and services for our partners through a simple yet robust integration, as well as driving excellent overall company performance.”

MoneyLion announced the acquisition of Even Financial in 2021, and the purchase closed last year. Founded in 2014, the company matches consumers with personalized financial product recommendations in real time.

PYMNTS spoke with Choubey following the collapse of Signature Bank (SVB) and Silicon Valley bank. He said the ripple effects of SVB’s failure will be felt far and wide.

Even if companies didn’t have deposits with the bank, they were likely to have processed payments through SVB, something MoneyLion had done in the past, he said.

“One of the tragedies is that they actually had a very strong payments process business,” Choubey said.

And even after this crisis fades, he said there are trends that will persist, like digital ecosystems developing across platforms that let consumers and businesses alike learn more about savings, investing and finance.

“There’s a large swath of the U.S. population that finances themselves on a week-to-week basis,” he said.

And the platform model, serving embedded finance marketplaces and products, all of it underpinned by data, can generate value for individual and business customers alike, he said.

Meanwhile, the “Embedded Finance Tracker,” a PYMNTS and Galileo collaboration, found that 25% of bankers see Banking-as-a-Service (BaaS) technology solutions as a key opportunity to generate new revenue.

However, banks need to pick the right partners to grow their business and to establish “a competitive moat relative to competition,” PYMNTS wrote.