The rise of the “on-demand economy” has ushered in a new breed of businesses that operate based on the idea that customers can play a larger role in their experiences. Companies such as Airbnb, Snapgoods and RelayRides have all burst on to the scene as a result of the push toward putting more control in the hands of the modern customer. Perhaps no company exemplifies the disruptive potential of the on-demand economy more than ride-sharing company Uber. While Uber is already making waves in the transportation industry and turning the traditional taxi business upside down, peer-to-peer (P2P) lending companies pose a similar threat to traditional banks.
Uber’s Big Splash
Most of these new on-demand economy businesses come about when a traditional, established business leaves open a window of opportunity due to inconvenience, inefficiency or high costs. In the case of Uber, the traditional taxi business in major U.S. cities has historically included a bit of all three of these characteristics. Uber founders recognized that the idea of standing on a street corner and helplessly flailing a hand in the air or calling a dispatch operator and hoping that a cab will show up within the next several hours is not the optimal way to get from place to place in a modern city. In a matter of years, Uber has gone from an unknown startup to a $41 billion company with 160,000 active drivers that have generated more than half a billion dollars in fares.
Take Control Of Lending Banking customers have the same helpless feeling of someone standing on a busy street corner hailing and whistling for a lone passing taxi. To borrow money, you must meet the bank’s qualifications, the bank’s credit score, pay the bank’s interest rates and bend over backwards for the bank. On the other hand, if you want to get paid interest on your capital, you must agree to whatever interest rates and terms the banks set on CDs or other financial products. When it comes to traditional lending and borrowing, there is little to no negotiation and little choice in the matter. Sure, one bank’s terms might be slightly better than another, but there is generally very little difference between competitors’ lending and borrowing standards.
The Freedom of the Marketplace Marketplace lending companies have recognized that both lenders and borrowers want more freedom when it comes to loan creation. Instead of a complicated, time-consuming process, borrowers can go online, enter a few critical pieces of information and be matched with a lender within a matter of hours. Instead of being turned down because a particular loan does not meet the standards of a bank’s core lending business, these online platforms allow both borrowers and lenders to create loans that are outside the box of traditional bank lending.
Disruptive Power Traditional banks likely looked at marketplace lending the same way that the taxi business looked at Uber when it first launched. However, like Uber, marketplace lending’s true potential is beginning to turn heads. According to a PricewaterhouseCoopers (PwC) report, P2P platforms accounted for about $5.5 billion in loans in 2014. While this number is only a drop in the massive present-day banking ocean, PwC analysts project the market could balloon to $150 billion over the next decade.
Wake-Up Call The on-demand economy is still in its infancy, and certain segments, such as ride-sharing, have gotten off to a strong head start. However, more people are beginning to recognize the true potential of putting the power in the hands of the customer. As the movement toward alternative finance continues to grow, traditional banks could be in for a major wake-up call.
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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.
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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.