MoneyLion secures $70 million loan facility

MoneyLion has closed a $70 million loan facility with Silicon Valley Bank (SVB), a division of First-Citizens Bank & Trust Company, to refinance its existing senior debt and reduce its cost of capital.

The proceeds were used to fully repay approximately $65 million in outstanding debt, including accrued interest and fees, and will support working capital and general corporate purposes.

“This refinancing marks an important milestone in MoneyLion’s evolution as we advance our mission to empower consumers with innovative financial solutions, now with a stronger and more flexible balance sheet commitment from a reputed bank partner in Silicon Valley Bank.” –  Dee Choubey, MoneyLion’s Co-Founder and Chief Executive Officer.

“By lowering our cost of capital and extending our debt maturity, we’ve strengthened our financial position. This enables us to accelerate organic investments in innovation, expand our ecosystem, and position MoneyLion to scale rapidly and efficiently as we become the number one place for financial decisions.” – Rick Correia, MoneyLion’s President and Chief Financial Officer.

In separate news, marketplace offers by Stretch Financial Wellness , a Progressive initiative, are provided through Engine by MoneyLion.