Our Response MojoTech Builds a Mobile-first Banking Platform with Scalable Architecture and User-friendly Interface
Our collaboration with MoneyLion’s engineering and finance teams resulted in developing a new mobile-first bank that seamlessly integrated with their existing fintech suite. MojoTech was critical in building the software and databases for the new Demand Deposit Account (DDA) banking service. We developed the API endpoints that verified customer IDs, created bank accounts, issued debit cards, and more. Additionally, we created datasets that provided valuable insights to MoneyLion’s analytics team and stakeholders.
From a front-end perspective, we ensured the account creation experience was intuitive and user-friendly. We developed a simple interface that allowed customers to easily view their statements, check current balances, and initiate transfers. We also built a robust event-handler and notification system that sent push notifications to customers when there were updates to their account balances or other important events.
As the DDA banking platform continued to accrue users and more functionality, we helped scale it by migrating to the cloud from in-house data centers and adopting a microservices architecture. We implemented fault-tolerant caching layers to handle the high volume of events and transactions the platform was processing daily, ensuring that MoneyLion’s customers always had access to reliable and secure financial services.
The Outcome MojoTech’s Fintech Expertise Helps MoneyLion Achieve 5 Million Active Users and a $1 Billion Valuation
Our work with MoneyLion resulted in a superior banking experience for their customers, further enabling them to take control of their finances. Since launching the new mobile banking platform, MoneyLion has experienced extraordinary growth, with over 5 million active users utilizing the software we created. As an additional testament to the success of our collaboration, MoneyLion closed on $100 million in funding at a near $1 billion valuation in the wake of the launch.
Our expertise in Fintech software development allowed us to navigate the industry’s regulated, secure, and complex nature, delivering a product that met MoneyLion’s unique needs and requirements. MojoTech is passionate about empowering financial services companies to create innovative software. Our engagement with MoneyLion is a prime example of our expertise in fintech, and we look forward to continuing to partner with leading organizations in the finance industry.