Dee Choubey
MoneyLion
Co-Founder & CEO
More than just a simple neobank, MoneyLion is a top financial marketplace and ecosystem in the United States with more than 20 million customers. Boris Plantier from Qorus talked to Dee Choubey, Co-Founder and CEO of MoneyLion, to learn more about them and their future plans.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
With over 20 million users, MoneyLion’s core audience represents Americans across all demographics, offering a broad reflection of the U.S. population. What sets MoneyLion apart is that it’s more than just a neobank – our marketplace-first approach and expansive distribution network allow us to reach consumers of all ages and financial backgrounds.
At the heart of our customer acquisition success is personalization – ensuring the right consumer connects with the right product at the right time. Through our marketplace, users can seamlessly access a diverse range of financial solutions, whether from MoneyLion’s own offerings or one of our 1,300+ third-party providers. This tailored approach empowers consumers to make informed financial decisions that suit their unique needs.
MoneyLion goes beyond the traditional neobank model by creating a fully integrated digital financial ecosystem. By combining highly personalized solutions with engaging content, we’re redefining how financial products are discovered, accessed, and managed – delivering value to both consumers and financial institutions alike.
There is sometimes a perception that neobanks are convenient for travel purposes but people maintain a different primary bank account for most of their banking needs. How do you convince people to use neobanks as their primary bank, where they keep a majority of their money and turn to for all of their financial needs?
The term ‘neobank’ is increasingly antiquated, as the industry shifts toward a digital-first banking landscape that prioritizes seamless, all-in-one financial solutions. Digitally native organizations like MoneyLion are uniquely positioned to evolve with customer needs, leveraging technological innovation to deliver a banking experience that is both comprehensive and highly personalized.
For consumers to fully embrace digital-first platforms as their primary financial hub, convenience, trust and value are essential. MoneyLion’s ecosystem consolidates every financial need – from banking to loans, investments and insurance – into one seamless platform, whether through our proprietary first-party products or an extensive network of third-party providers. This integrated approach not only simplifies money management but also tailors the experience to each individual. By offering lower fees, transparency and advanced features, MoneyLion provides a compelling reason for consumers to move beyond traditional banks and embrace a modern, digital-first future.
While "neobanks" have shown impressive numbers in terms of customer acquisition, the transition to becoming profitable is proving more challenging. How do you make the necessary leap to becoming profitable while still maintaining the pace of your user acquisition?
MoneyLion is well positioned to deliver superior outcomes and empower consumers to make their best financial decisions. We’ve developed a durable business model bridging consumer and enterprise elements, expanding our network of partners, products and services to enhance user engagement and adoption. With this approach as a digital consumer finance ecosystem and the flywheel effect that impacts both consumers and businesses, there are multiple ways to win.
Revenue growth accelerated by nearly 30% year-over-year to $546 million in 2024, marking our strongest year yet. Over the past year, we’ve expanded our partnership network, announcing collaborations with EY, TransUnion, Nova Credit and Plaid. These partnerships improve real-time onboarding, loan pre-qualification, credit decisioning and cash flow underwriting, allowing us to deliver seamless financial solutions when and where consumers need them. Our goal is to provide users with the tools and insights necessary to navigate their financial journey with confidence.
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Being a bank without branches, customers only interact with you digitally. How do you ensure an excellent customer service experience with interactions being 100% digital? Are there certain advantages or challenges compared to banks that need to manage physical spaces?
One of the greatest advantages MoneyLion and neobanks have over traditional bank branches is that users are connected to us 24/7, while customers only have access to their bank branches during working hours. Especially with innovations in generative AI, chatbots and virtual assistants can answer questions and provide resources at any time of any day. As advancements in AI continue, digital user experiences will only continue to improve and users will be able to interact with us when it’s most convenient for them.
Additionally, since our customer interactions are entirely online, we collect real-time data as users search, apply and purchase financial products and services. This enables a personalized experience for consumers while helping businesses offer the right products and services they need when they need them.
How do you see your "bank" evolving in the next five to ten years? And more generally how do you see neobanks competing in the future banking landscape?
Over the next five years and beyond, MoneyLion will continue to enhance the user experience by expanding our partnership network, broadening our product offerings and investing in innovation. Most recently, we entered into a definitive agreement to be acquired by Gen Digital, with the acquisition expected to close in the first half of Gen Digital’s fiscal year 2026.
Even before this milestone, we introduced MoneyLion Checkout at the end of last year – a marketplace solution that allows consumers to search, apply for and complete transactions instantly across a wide range of third-party financial products, including loans, credit cards and savings accounts. By integrating these offerings within the MoneyLion ecosystem, we ensure that customers can meet all their financial needs without ever leaving our app.
Looking ahead, we are focused on driving national awareness and expanding the reach of our holistic financial solutions. This strategy will propel us toward our ambitious vision of becoming the number one destination for Americans to make financial decisions.
As the industry evolves over the next five to ten years, neobanks will increasingly leverage AI to deliver hyper-personalized financial solutions while expanding into broader ecosystems that integrate non-banking services. Automation will streamline operations, improving customer experiences through smarter virtual assistants and seamless embedded finance. As regulations tighten, neobanks will prioritize security and compliance while maintaining agility and innovation. By leading in AI/ML advancements and flexible integrations, neobanks will continue to outpace traditional banks, delivering the personalized, digital-first experiences that consumers expect and demand.
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