MoneyLion Reports Strong First Quarter 2021 Results
MoneyLion Inc. (“MoneyLion”), an award-winning data-driven, digital financial platform, today announced preliminary financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights*:
- Net revenue increased 98%, reaching $33.2 million, compared to $16.8 million in Q1 2020, while adjusted revenue increased 125%, reaching $32.5 million, compared to $14.4 million in Q1 2020
- Contribution profit2 increased to $19.4 million, compared to $5.0 million in Q1 2020
- Total customers grew 80% to 1.8 million, compared to 1.0 million in Q1 2020
- Total originations grew 204% to $188.7 million, compared to $62.0 million in Q1 2020
- Total payment volume grew 213% to $306.4 million, compared to $97.9 million in Q1 2020
- Net loss was reduced to $2.2 million, excluding a non-cash $80.5 million change in fair value of warrants and convertible notes, compared to $6.8 million loss in Q1 2020. Including this adjustment, net loss increased to $82.7 million
* Based on information available to MoneyLion as of the date of this release and subject to the completion of its quarterly financial closing procedures and review by MoneyLion’s independent registered public accounting firm.
“MoneyLion is off to a very strong start in 2021,” said Dee Choubey, MoneyLion co-founder and CEO. “In addition to accelerating user and revenue growth, we beat each of our key internal metrics. Our first quarter results were driven by our ability to generate consistent, high-user growth and engagement across our platform. We continue to capitalize on market opportunities and improve our product offering to help more customers take control of their financial futures. We are entering the second quarter with momentum towards continued growth and ARPU expansion as we strengthen our product offering for our existing users and attract new users to our platform. We look forward to completing the merger transaction with Fusion by early July, which will give us access to significant growth capital and allow us to accelerate the execution of our strategic plan.”
As announced on February 12, 2021, MoneyLion entered into a definitive agreement with Fusion Acquisition Corp. (NYSE:FUSE), which would result in MoneyLion becoming a publicly listed company, subject to the satisfaction of customary closing conditions. MoneyLion expects to use the net proceeds raised from the transaction to support its working capital needs and scale its platform and suite of products.
Other Recent Business Updates
- On March 3, 2021, MoneyLion announced its acquisition of Wealth Technologies Inc. (“WTI”), a pioneer in algorithmic financial planning technology. Through the acquisition, MoneyLion’s platform will be powered by WTI’s fGPS® technology, the industry’s first dynamic course-correcting, comprehensive financial planning and advice system, to enhance the advice provided to members regarding spending, credit and investing by analyzing the full picture of members’ personal assets, liabilities, incomes and expenses.
- On April 8, 2021, MoneyLion announced that it will introduce new capabilities enabling members to buy, sell and earn digital currencies. This includes a strategic investment in Zero Hash, the leading, regulated digital asset settlement provider. The strategic investment in Zero Hash provides MoneyLion the ability to power its cryptocurrency offering as part of its all-in-one digital financial platform and gives the company an ownership stake in a leading cryptocurrency liquidity and settlement infrastructure for digital and traditional banking and brokerage providers.
- On May 13, 2021, MoneyLion introduced MoneyLion Marketplace, a platform which matches MoneyLion members with category-leading brands, offers and value-add resources that are tailored to their personal needs. As part of the platform, MoneyLion announced a partnership with leading insurance broker NFP to provide MoneyLion members with direct access to Nationwide insurance and financial wellness offerings that can help support their financial journey.