MoneyLion, a 5-year-old company that wants to rebundle consumer banking on the mobile phone, has hired a financial industry veteran as its head of banking and wealth management.
Jon Stevenson worked most recently as head of alternative investments at Stifel Financial. Earlier in his career, he did stints at Barclays and Merrill Lynch.
Banking and wealth management are key prongs in MoneyLion’s push to become a financial hub for middle-class households.
Consumers who enroll in the firm’s membership program set aside $50 per month to invest in exchange-traded funds. Those savings can then be used as collateral for $500, 12-month loans, which have an annual percentage rate of 5.99% and are billed as a tool for managing unexpected expenses.
The MoneyLion Plus membership program costs $29 per month, but participants can earn $1 per day in cash rewards by logging into the company’s mobile app.
In April, MoneyLion announced that it plans to start offering checking accounts to enrollees in its membership program. The accounts, which will be offered in partnership with a bank, will not carry overdraft fees or a minimum balance requirement, according to the company.
“MoneyLion Plus members have taken the first important step — to start investing,” Stevenson said in a press release Tuesday. “Our goal at MoneyLion is to ensure that they have the right tools and advice to stay invested and plan for the future.”
MoneyLion has raised more than $67 million in equity funding since it was founded in 2013. The New York company raised $42 million in its most recent funding round, which was announced in January.