Congrats to MoneyLion on an exceptional first quarter as a public company. Some highlights include: net revenue increased 91% to $44.2m, compared to $23.1m in Q3 2020, gross profit increased 146% to $27.0m, compared to $10.9m in Q3 2020, and adjusted gross profit margin came in at 64%, compared to 55% in Q3 2020. MoneyLion also reiterated its recently increased annual outlook for fiscal year 2021 of adjusted revenue of $155m and adjusted gross profit of $100m that was previously announced on September 8, 2021.
“MoneyLion is delivering on our vision of building a fully-digital private bank for the working middle class,” said Dee Choubey, MoneyLion co-founder and CEO. “Our platform of financial products, which now includes full-featured banking, investing, credit, crypto and rewards, along with personalized insights and advice, is resonating with millions of Americans as evidenced by our strong third quarter and year to date results. We reported record adjusted revenue in the third quarter, while also improving our adjusted gross profit margin to 64%. MoneyLion’s strategy of building a ‘fintech super-app’ has found product market fit, as we added approximately 510,000 new users in the third quarter, underscoring the continued positive outcomes our digital financial platform delivers daily. Finally, we achieved a significant milestone in September by successfully transitioning to a public company."