EY announces alliance with MoneyLion to help banks accelerate their digital transformation and extend financial services

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Feb 06, 2024, 08:00 ET

Acceleration of revenue and profitability growth through product-line expansion, diversification and customer acquisition
Increased efficiency in acquisition, personalization at-scale and digital platform deployment

LONDON, Feb. 6, 2024 /PRNewswire/ -- The EY organization today announces an alliance between MoneyLion Inc. (NYSE: ML), a leading enterprise and consumer FinTech company, and Ernst & Young LLP (EY US), to help drive innovation and growth within the banking sector.

The Alliance leverages MoneyLion's embedded finance platform to help enhance the technological capabilities of traditional banking institutions. By doing so, the Alliance aims to simplify and streamline the transition into the digital realm, assist these institutions in overcoming the challenges of an increasingly fragmented financial landscape and help facilitate their ability to offer a wide range of financial services to consumers through an efficient, user-friendly digital platform.

With MoneyLion's embedded marketplace infrastructure and technology, data insights and content solutions combined with EY US teams' existing core-banking modernization offerings and Nexus for Banking Platform, the Alliance is designed to provide a comprehensive suite of FinTech solutions to help scale acquisition strategies and service models as well as foster organic growth and engagement within financial institutions' customer base.

Nikhil Lele, Financial Services Consumer Banking Leader and EY-MoneyLion Alliance Leader, Ernst & Young LLP, says:

"We are thrilled about the EY-MoneyLion Alliance's potential to transform the banking and financial services industry. Our Alliance brings together deep experience of EY US in technology integration with cutting-edge solutions from MoneyLion, launching a new enterprise strategy for the industry. This will help empower smaller or more traditional banks to scale rapidly and profitably with integrated digital financial solutions."

Dee Choubey, Founder and CEO of MoneyLion, says:

"Our Alliance with EY US represents not only a stride in innovation but a continued commitment to transforming the banking and financial services industry. With the combined strength of MoneyLion's technology and experience, we are setting a new standard for what banks and financial institutions can achieve and helping them change the way they engage with and cater to the evolving needs of today's digital consumer. This marks the beginning of a more adaptive, responsive and customer-focused banking experience, where technology and human-centricity go hand-in-hand to create a seamless financial experience for every user."

For more information, visit ey.com/alliances.

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About MoneyLion

MoneyLion is a leader in financial technology powering the next generation of personalized products and content, with a top consumer finance super 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 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 information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech.

SOURCE EYGS LLP