Founded in 2013, MoneyLion is a fintech company that offers mobile banking, investment services and a credit builder platform. MoneyLion reports that its Credit Builder Plus platform increases creditworthiness by over 60 points in 60 days 50 percent of the time. The company has more than 1.4 million users.
MoneyLion’s competitor Social Finance (SoFi) is also planning an IPO through a SPAC deal with Social Capital Hedosophia V (IPOE). The blank check company is sponsored by billionaire venture capitalist Chamath Palihapitiya. The IPOE share rose by around 58 percent after the merger was announced. The deal values SoFi at around $ 8.65 billion. SoFi, which offers credit, savings, and investments, has more than 1.7 million users.