MoneyLion's "PaveTheWage" pledge of $3m will see the company adding 17% to the first paycheck deposited into a MoneyLion Checking Account. The pledge is in advance of International Women's Day on March 8.
“The majority of MoneyLion members are women, and we are honored to support them — not only on International Women’s Day but every day,” MoneyLion Co-Founder and CEO Dee Choubey said. “Today, we wanted to acknowledge their hard work and help them feel whole. We thought there was no better way to do that than to fill that 17 percent gap in their paychecks.” MoneyLion offers a suite of personal finance tools—including personal loans, robo-advising, and credit monitoring—to encourage responsible money management. Per the release, the company has more than 4 million members, with average annual savings of $887. In a 2017 interview with Benzinga, Choubey said 80 percent of them use the app for its free tools.