Embedded Finance Marketplaces

People change cities, plans, jobs, cars, friends; life is ever-changing. In my case, almost all of those things changed in 2014. But let’s flashback to 2013, for a moment, when a significantly less mature version of myself thought it would be an acceptable idea to have the rims and side mirrors on my car painted pink. And don’t think I stopped there; I also considered it crucial to re-fabric the interior roof with a black and white print. Needless to say I looked a bit ridiculous. At that time, I was living on Long Island where a car is a necessity and others will define you in part by the car you drive. Not long thereafter I realized that I needed to upgrade from the “pink mutant” to something more socially acceptable. So I bought a brand new car.

I continued working and driving on Long Island for about a year and a half until my plans and life changed…. Shortly after pursuing a career in line with my college degree (geology), I realized it wasn’t for me. So I started a new job search, and finally landed an amazing opportunity in Manhattan. No longer did I need my car, but I still owed around $4,000 on the loan. After a few failed attempts of trying to sell it, still with the lien, I realized I needed to pay off the remainder of the loan in full. Of course I could have dipped into my bank account, but selling the car came at a time when I was just moving into my new apartment without any furniture or kitchenware - not even a single fork or plate to eat take out chinese food on. So what (little) money I did have, had to go towards funding my day to day life. I had no idea what to do, so for two months I kept making payments on a car that was just collecting pollen in my parents driveway. Then I started thinking about ways to get $4,000 and here’s what I came up with:

Borrow it from my dad. An obvious choice and he would gladly help me out, but come on we young adults are supposed to be independent (or at least pretend to be).
Take out a loan from a bank. I don’t even like using an ATM, let alone walking through the second set of doors into what I imagined as a screaming room full of children, high on sugar and wielding uncapped markers.
Google “Marketplace Lending”. I was hearing and learning about marketplace lending, so…

I chose the last option and Googled “Marketplace Lending,” sought advice from a few trusted sources, and came to the conclusion that I should give it a shot. It’s laughably simple to use, and if you aren’t familiar with the topic I suggest reading up on it. Basically, you apply for a loan online from lenders that want to give you money at interest rates starting at around 5.99%. The interest rate you get depends on a host of variables, credit score being one of them. Using EVEN Financial’s software, I found the best personalized option, offered to me through their relationships with many different loan providers which each have their own rates and specialties. Once you choose an offer, the instructions on the website are clear and easy to follow. Name, address, social security number, etc. Did I mention this entire process is only completed digitally? The online form (singular) took me all of 5 minutes to complete. Over the following two days the lender asked me to submit two forms of proof - my utility bill and bank statement. Done and done. And then I waited for the money to be deposited into my account, which occurred several days later. Overall the experience was extremely positive.I did have some feedback about the specific company I used for the loan, for example I didn’t feel like they communicated enough with me about the status of my loan through the process, and I actually thought based on what I’d read that I would have the money even faster than I did. That said, I much preferred doing everything online and still would not have gone to a physical bank or haggled with my dad for the cash. So even with the few areas that could have been improved, I would definitely still use this process again in the event I needed cash in the future. The biggest take away is that I would likely still be paying a $400/month car payment (+ insurance) for a car that I don’t drive if marketplace lending didn’t exist. My loan was a $5,000 loan at a 7.36% interest rate. That is considerably higher than my current car loan (0.9%), but a great feature of Marketplace Lending loans - there is no prepayment penalty. When I sell my car, I pay off my loan (in full) and I can prepare for the next big change in my life, whatever that might be. Plus, I also have furniture in my apartment. And one last piece of advice - don’t ever do this to your car.

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.

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Business Wire

Even Financial Evolves into Engine by MoneyLion

*Award-winning technology provider, “Even Financial”, has a new name, “Engine by MoneyLion”, delivering the ultimate platform for embedded finance products, marketplaces, media and data *

NEW YORK, March 21, 2023--MoneyLion Inc. (“MoneyLion”, NYSE: ML), a leader in financial technology powering the next generation of personalized products and content, announced today the rebrand of “Even Financial”, the award-winning embedded finance platform for enterprise businesses, to "Engine by MoneyLion”. The Engine by MoneyLion brand is designed to reflect the expanded breadth and capabilities of the combined company, while continuing to focus on its premier financial product search engine, API and embedded finance marketplace SaaS platform, delivering personalized recommendations through any consumer touchpoint. MoneyLion acquired Even Financial in February 2022, read all about it here.

Founded in 2014, Even, now Engine by MoneyLion, matches consumers with real-time, personalized financial product recommendations, from its vast network of top providers, on mobile apps, websites, and other consumer touchpoints, through its API, marketplace and search engine technology. Since inception, the company has grown its network to over 1,000 partners and facilitated over $7 billion in financial products to date. The Engine by MoneyLion technology is delivered through its powerful SaaS platform, providing partners unparalleled transparency and controls, customizable integrations, advanced AI-backed data and insights, reporting and more.

Today, in connection with the launch of the Engine by MoneyLion brand, MoneyLion released the new brand logo, updated website (located at its new URL www.engine.tech) and additional assets to deploy the new brand. All Even Financial products and services continue as is without any interruption, under the Engine by MoneyLion brand. MoneyLion and Even have united seamlessly, through a shared vision: to match consumers with the financial products and services they need, when and where they need them.

"This is an exciting moment for us, as we further our position as a leader in the space,” said Dee Choubey, CEO and Co-Founder of MoneyLion. “We are delivering on our vision to make financial services more accessible to everyone, powering a remarkably vast set of products and services for our partners through a simple yet robust integration, as well as driving excellent overall company performance. The strengths of our ecosystem enable us to provide comprehensive solutions for our enterprise partners and create a seamless experience for consumers. With our new brand, Engine by MoneyLion, we are well-positioned to continue shaping the future of financial technology in collaboration with our partners, bringing greater financial literacy, inclusion and access to all consumers.”

"Today marks a significant milestone in MoneyLion’s journey to enable real-time, personalized financial product recommendations to consumers, through any touchpoint,” said Phill Rosen, Founder of Even, who joined MoneyLion with the acquisition. Phill has been promoted to Chief Technology Officer of MoneyLion, where he will bring the tremendous capabilities of its global technology organization to further invest in its leading embedded finance capabilities, as well as Business Leader of Engine by MoneyLion - Web Services, which continues the Even Financial legacy of core B2B financial technology for enterprise and cements it within the MoneyLion organization. “Our new brand, Engine by MoneyLion, reflects our combination and alignment with MoneyLion, one of the most innovative and successful companies in financial technology. We have really brought our complementary businesses together extremely well. We look forward to the opportunities that lie ahead, as we continue to provide the premier search, comparison and recommendation engine for financial products and services."

MoneyLion has integrated its top consumer finance mobile app, its leading embedded finance marketplace platform and solutions for enterprise businesses, its world-class media division and innovative work with AI and data, to firmly establish itself at the forefront of financial technology. Following its Q4 and EoY 2022 earnings, MoneyLion is leading the pack, demonstrating standout unit economics, revenue diversity and business resilience (read all about it here). Among many benefits, this combination has enabled for MoneyLion more products for more of the credit spectrum, more opportunities and offerings for its enterprise partner network and brings its full partner network into the MoneyLion app with its marketplace. This provides seamless, omnichannel access to the personalized financial products people are searching for, as well as tremendous efficiencies for the company, helping drive its best-in-class unit economics, which is amplified by incredible results for its partners and consumers.

Please visit engine.tech to learn more about Engine by MoneyLion. About MoneyLion

MoneyLion is a leader in financial technology powering the next generation of personalized products and content, with a top consumer finance mobile app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to positively change people’s financial path by rewiring the financial system and empowering them with greater financial literacy and access. In our go-to money super app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their money life with our innovative financial products and marketplace - including our full-fledged suite of features to save and invest - seamlessly bringing together the best offers and content from MoneyLion and our 1,000+ enterprise partner network, together in one experience. MoneyLion’s enterprise technology provides the definitive search engine and marketplace for financial products, enabling any company to add embedded finance to their business, with advanced AI-backed data and tools through our platform and API. Established in 2013, MoneyLion connects millions of people with the financial products and content they need, when and where they need it.

For more information about MoneyLion, please visit www.moneylion.com. For additional information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech.

Contacts MoneyLion Communications pr@moneylion.com

Business Wire

Even Financial Evolves into Engine by MoneyLion

*Award-winning technology provider, “Even Financial”, has a new name, “Engine by MoneyLion”, delivering the ultimate platform for embedded finance products, marketplaces, media and data *

Please visit engine.tech to learn more about Engine by MoneyLion. About MoneyLion

For more information about MoneyLion, please visit www.moneylion.com. For additional information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech.

Contacts MoneyLion Communications pr@moneylion.com

MoneyLion

MoneyLion Wins “Best Financial Literacy Tool” and “Best API” at Benzinga’s 2022 Global Fintech Awards

MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day

New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”

MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.

“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”

These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.

“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”

Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.

The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.

About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.

For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221214006032/en/

MoneyLion Communications pr@moneylion.com

Caliber Corporate Advisers moneylion@calibercorporateadvisers.com

Even Financial media@evenfinancial.com

Built In

Even Named A Built In “2023 Best Places to Work”

New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.

The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.

Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.

This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”

About Even Financial

Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.