MoneyLion offers banking and investment products via a web portal and a mobile app. Within its banking segment, the company offers lending products, investment products, and deposit accounts, which include a debit card. 

Under its lending segment, the company offers cash advances dubbed as “Instacash” of up to USD 250, with no interest, monthly fees, or credit checks. The company also offers “Credit Builder Plus”, a credit building facility that allows customers to apply for loans and improve their credit scores. Under this facility, customers would be allowed to apply for loans of up to USD 1,000 and set up automatic payments over 12 months. On-time payments would then be directly sent to credit bureaus, and the company claims that over half of its members have been able to raise their score by over 42 points within 60 days. The credit builder facility is offered at USD 19.99 per month.

The company also provides access to investment products such as stocks and bond ETFs, under which customers are able to set up automated investments and create personalized investment portfolios; it is offered free of charge. The company also intends to include access to cryptocurrencies under its investment portfolio. As of December 2021, MoneyLion served 3.3 million customers.

The company’s deposit accounts are offered under its brand “RoarMoney”, which it launched in July 2020, under the license of MetaBank, with Mastercard acting as the exclusive card network for its debit cards. Features offered under RoarMoney include the receipt of paychecks up to two days in advance, the usage of debit cards with no ATM or other fees, price protection - which offers refunds for the difference if customers find a purchased product at a lower price within 90 days, cashback rewards, and Personal Finance Management (PFM) tools. The company also aims to offer a Buy Now Pay Later (BNPL) facility under its RoarMoney account dubbed as “Overtime”. Customers have the choice of using RoarMoney as a standalone bank account, or using it together with the company’s lending and investment products; it is priced at USD 1 dollar per month. 

In February 2021, the company went public via a merger with a Special-Purpose Acquisition Company (SPAC), Fusion Acquisition Corp, raising USD 500 million in gross cash proceeds and valuing the company at USD 2.4 billion, post-money. 

In November 2021, MoneyLion acquired the content studio MALKA Media Group (MALKA) in a combined cash and equity deal of approximately USD 75 million. Through the acquisition, MoneyLion planned to leverage MALKA’s creator network to improve its customer engagement across digital channels by creating customized content that informs consumers’ financial decision-making and to drive customer growth by providing access to potential new customer segments. Further, MoneyLion also announced plans to acquire Even Financial (Even), an embedded finance marketplace, for up to USD 440 million in December 2021. Through the acquisition, MoneyLion was expected to leverage Even’s user base and partner network to expand its addressable market, distribution capabilities, and range of products. 

For the full year 2021, the company generated a total revenue of USD 171.1 million in FY2021, up 115% from the previous year. Net losses amounted to USD 164.9 million, having increased from USD 41.6 million in FY2020.