Is MoneyLion building the first open U.S. bank?

Though many banks and fintechs use the term “open banking,” few have anything that remotely resembles it. The challenger bank MoneyLion — which already offers mobile banking, investing and loans — has begun developing a marketplace that, if all goes according to plan, will come closer to true open banking than any other single U.S. financial services firm has to date. New York-based MoneyLion will invite partners and competitors to offer products on its marketplace, starting with a recent partnership forged with Nationwide Insurance. These products will be offered alongside MoneyLion’s own products, the way, say, a Costco offers its store-brand products next to rival name brands. Meanwhile, the MoneyLion checking account, which is called RoarMoney, is offered through MetaBank, a $9.8 billion-asset national bank in Sioux Falls, South Dakota.

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