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MoneyLion came to us with a platform that provided customers with financial advice and access to loans and other services.
While that platform worked well, their customers had to link external bank accounts to it, rather than banking directly with MoneyLion. MoneyLion saw an opportunity to better serve their customers and increase the value of their platform by offering their own in-house banking solution. Enter MojoTech!
We worked in concert with MoneyLion’s in-house engineering and finance teams to develop a new mobile-first bank. Behind the scenes we built the software and databases that underpin this new DDA banking service along with API end-points to verify customer ID, create bank accounts, issue debit cards, and more. We also created datasets which could be used by MoneyLion’s analytics team to create custom dashboards.
From a customers standpoint, we created an easy-to-use account creation experience with straightforward ways for customers to view their statements, check current balances, and initiate transfers. We also built a robust event-handler and notification system for sending users push notifications of balance updates, etc.
As the DDA banking platform has grown, we’ve helped scale it by migrating from in-house datacenters to the cloud and leveraging a microservices architecture. This includes building fault-tolerant caching layers to handle hundreds of thousands of events per day.
MoneyLion’s banking product has been wildly successful. Over 5M customers use the software we created. After launching the new banking platform, they closed on $100M in funding at a near $1B valuation.
5M
Active Users
$100M
Raised
$1B
Valuation
In a remarkably short amount of time, we helped MoneyLion build a brand-new banking platform, and we think the results speak for themselves. This is just one of many FinTech clients MojoTech has helped over the years. The high potential, fast pace, and complexity of FinTech software make MojoTech the perfect partner for new and existing financial services companies looking to build serious software.
COVID-19 Update: Our team is operating at full capacity while distributed. We are prioritizing the needs of new and existing clients in telemedicine, distance learning, government, and other pandemic response efforts. Contact us for help.
