Throughout its history, the company has offered subscription bundles at varying price points. By 2019, it offered a free checking account; a Credit Builder Plus membership that included managed investing and InstaCash (cash advances) at $19.99 per month, along with a $9.99 Instacash with banking tier. Now, MoneyLion has unbundled its offerings into smaller, bite-sized pieces: checking accounts at $1 per month; managed investing at $1 per month; and a Credit Builder Plus bundle, which includes access to credit builder loans and banking, for $19.99 a month. The new changes took effect in July.
It’s a shift the company made to accommodate varying needs across its client mix. CEO Dee Choubey said the new approach was based on customer feedback and the necessity to make membership more accessible. “We’re constantly listening to our members and providing them with not only the financial tools they need to achieve their various goals but also delivering our powerful tools to them in a way that fits their financial lives,” he told FinLedger. “Because their financial needs change based on where they are in their financial journeys, we too must remain flexible in how we deliver our products.”