MoneyLion has launched a new marketplace where consumers can search, apply and complete transactions across third-party financial products such as loans, credit cards and savings accounts.
The new MoneyLion Checkout provides these capabilities within the user experience of the MoneyLion digital ecosystem for consumer finance, the company said in a press release on Tuesday (October 22).
“Today’s consumers expect purchasing financial products to be as easy as any other digital shopping experience,” said Dee Choubey, co-founder and CEO of MoneyLion, in a release. mentioned in. “With MoneyLion Checkout, we are making that a reality and further strengthening MoneyLion’s role as a trusted partner in all your financial decisions.”
MoneyLion Checkout integrates consumer and third-party data directly with the company’s financial services partners, enabling higher conversion rates and faster consumer onboarding, according to the release.
Using this data, MoneyLion verifies millions of consumers, automatically pre-populates application forms, streamlines the consumer pre-qualification process, and enables financial services partners to can provide insights that help you tailor your products to meet consumer demand.
“MoneyLion Checkout helps financial institutions drive both volume and efficient customer acquisition costs by ensuring that personalized offers reach the right consumers through our extensive distribution network.” he said in a release.
MoneyLion has successfully transformed itself from a neobank to essentially a financial services portal and shopping mall for consumers and businesses, PYMNTS reported in August.
A year after posting heavy losses as a neobank, the financial services portal is riding a new business model and achieved its second consecutive quarter of profit in the second quarter.
“We measure success by how many decisions consumers make on our platform, repeatedly over time,” Choubey told PYMNTS CEO Karen Webster in an interview published Aug. 6. told. Choubey emphasized the importance of user engagement and trust in the ecosystem.
MoneyLion announced on October 7 that it has adopted Plaid’s new solution that allows consumers to link their bank accounts and get pre-qualified for a loan.
In September, MoneyLion partnered with TransUnion to integrate TransUnion’s comprehensive credit data with MoneyLion’s digital acquisition platform to ensure consumers receive the most personalized and relevant financial offers .
