MoneyLion, an award-winning data-driven, digital financial platform, today announced that it has acquired Wealth Technologies Inc. (WTI), a pioneer in algorithmic financial planning technology. The company also announced the appointment of WTI co-founder, Rohit D’Souza, as Executive Chairman of its Board of Directors.
The acquisition of WTI is designed to improve members’ experience and engagement with MoneyLion, a digital platform where Americans can easily bank, borrow, save and invest – all in one place. The MoneyLion platform will be powered by WTI’s proprietary fGPS® Financial Goals Positioning System, the industry’s first dynamic course-correcting, comprehensive financial planning and advice system. With this addition, MoneyLion’s new analytical framework will provide the intelligent turn-by-turn guidance its members need to confidently manage today, plan for tomorrow and invest in their future.
“Our acquisition of WTI adds significant new capabilities to MoneyLion by enhancing our suite of financial tools with precision-guided financial advice to help our members see the interconnectivity of short- and long-term financial decisions across their entire financial portfolio,” said Dee Choubey, MoneyLion co-founder and CEO. “With fGPS® guidance, MoneyLion will bring the previously exclusive experience of private banking with personalized advice to every hardworking American.”
“The WTI acquisition brings tremendous talent with many years of experience in the areas of quantitative finance, data analytics, algorithmic decision making, and financial product design, which will help us greatly as we seek to empower even more people to make informed decisions on their path to achieving financial wellness,” added Choubey.
MoneyLion will leverage fGPS® technology 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. Predictive fGPS® analytics will help them navigate life’s ups and downs and set and achieve their most important financial goals. It will also bring to life MoneyLion’s Financial Heartbeat® financial health tracker, enabling it to operate as a personalized status check that offers members individualized, step-by-step plans to support their entire financial journey, from offering guidance on how to manage short-term expenses, tips for making credit and financing decisions, or suggestions to optimize insurance coverage.
D’Souza brings deep knowledge and vision as a pioneer in algorithmic trading and quantitative finance, with decades of experience in capital markets, including leadership roles as Head of US Equity and Derivatives Trading at Morgan Stanley, Global Head of Merrill Lynch’s Equity, Equity Derivatives and Prime Brokerage division, and CEO of Citadel Securities.
“WTI’s innovative technology, coupled with MoneyLion’s proven ability to deliver comprehensive AI-powered financial solutions to millions of hardworking Americans, can revolutionize the way the personal finance industry functions by leveraging technology to put the client’s needs and goals at the center – refocusing the business processes from product-centric, sales-oriented verticals to client-centric, outcome-oriented solutions,” said D’Souza.
“We know where the incumbent industry’s strengths and weaknesses are and where change is long overdue,” continued D’Souza. “By applying hyper-personalized technology at mass scale, MoneyLion is accelerating the path to financial inclusion by bringing the private banking benefits historically reserved for the ultra-wealthy to anyone whose financial life can be improved with good guidance and tailored services.”
This news follows MoneyLion’s February 12 announcement that the company has entered into a definitive agreement with Fusion Acquisition Corp. (NYSE: FUSE) that will result in MoneyLion becoming a publicly listed company in the first half of 2021.
To learn more, visit www.MoneyLion.com.
About MoneyLion
MoneyLion is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with 7.5 million hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver mobile banking, lending, and investment solutions. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings. MoneyLion is headquartered in New York City, with offices in San Francisco, Salt Lake City, Sioux Falls, and Kuala Lumpur, Malaysia. MoneyLion has achieved various awards of recognition including the 2020 Forbes FinTech 50, Aite group best digital Wealth Management Multiproduct offering, Finovate Award for Best Digital Bank 2019, Benzinga FinTech Awards winner for Innovation in Personal Finance 2019 and the Webby Awards 2019 People’s Voice Award. For more information, please visit www.moneylion.com or download the app.
