MoneyLion Reports Record Q3 2021 Results

MoneyLion Inc. ML is a financial platform and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with 8.7 million hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver financial platform, lending and investment solutions. 

MoneyLion announced robust financial results for Q3 2021. Highlights include:

• Net revenue increased 91% to $44.2 million, compared to $23.1 million in Q3 2020, while adjusted revenue increased 119%, reaching $42.0 million, compared to $19.2 million in Q3 2020
• Gross profit increased 146% to $27.0 million, compared to $10.9 million in Q3 2020, while adjusted gross profit increased 154% to $27.0 million, compared to $10.6 million in Q3 2020
• Total customers grew 131% to 2.7 million, compared to 1.2 million in Q3 2020
• Total originations grew 135% to $274 million, compared to $117 million in Q3 2020
• Total products grew 75% to 6.9 million, compared to 4.0 million in Q3 2020
• Net loss of $20.3 million, compared to $5.5 million in Q3 2020

MoneyLion added new cryptocurrency capabilities, enabling customers to buy and sell Bitcoin and Ethereum, as well as the ability to round-up their debit card purchases in either Bitcoin or U.S. dollars. It also combined with Fusion Acquisition Corp., and on September 23 began trading on the New York Stock Exchange under the symbol ML.

“MoneyLion is delivering on our vision of building a fully-digital private bank for the working middle class,” said Dee Choubey, MoneyLion co-founder and CEO. “Our platform of financial products, which now includes full-featured banking, investing, credit, crypto and rewards, along with personalized insights and advice, is resonating with millions of Americans as evidenced by our strong third quarter and year to date results. We reported record adjusted revenue in the third quarter, while also improving our adjusted gross profit margin to 64%.”

“MoneyLion’s strategy of building a ‘fintech super-app’ has found product market fit, as we added approximately 510,000 new users in the third quarter, underscoring the continued positive outcomes our digital financial platform delivers daily. Finally, we achieved a significant milestone in September by successfully transitioning to a public company. Looking ahead, our fortified balance sheet, continued product innovation and experienced management team provides a strong foundation for future growth. Based on our progress year to date and in anticipation of continued momentum in the fourth quarter, we are reiterating our full-year 2021 guidance of adjusted revenue of $155 million,” Choubey said.

Outlook

MoneyLion reiterated its recently increased annual outlook for fiscal year 2021 of adjusted revenue of $155 million and adjusted gross profit of $100 million that was previously announced on Sept. 8, 2021.

Today’s Conference Call

The company held a conference call this morning to discuss its Q3 results. A recording of the call can be accessed on MoneyLion’s Investor Relations website at investors.moneylion.com.