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MoneyLion reported topline and bottom line figures above expectations (+34% growth on revenue) and +$7m in Adjusted EBITDA (had guided to -$4m to breakeven for the quarter). Total customers saw a record add of 1.3m QoQ to reach 7.8m. Outperformance in Adj. EBITDA was the highlight of the quarter, and the company is transitioning to GAAP rev/Gross Profit figures. For Q2 and the full year, ML expects positive Adj. EBITDA profitability.
“I am extremely proud of our team’s strong performance in the first quarter, surpassing our own guidance,” said Dee Choubey, MoneyLion’s co-founder and Chief Executive Officer. “These results underscore our consistent progress towards profitability. Our Consumer business exceeded our expectations, demonstrating the incredible value of our products to our customers. We continue to leverage our platform of capabilities to drive low customer acquisition costs and our advanced AI and technology to manage risk, driving exceptionally strong credit performance. Our expansion into high-value third-party product verticals, including high-yield savings, CDs, safe driver tracking, and health, has significantly broadened our reach and bolstered our network of over 1,000 Enterprise Partners.”
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