MoneyLion excited about auto insurance

MoneyLion , a financial product marketplace, hosted its Q1 2024 earnings call on May 7, 2024. Here are the highlights:

Financials:

Record Revenue: Achieved $121 million, a 29% year-over-year growth.
GAAP Net Income: Reported $7 million, with a diluted EPS of $0.60, marking a significant profitability milestone.

Network:

Strategy:

The MoneyLion ecosystem is evolving into a marketplace-first platform, positioning itself as a trusted brand for consumers to make their best financial decisions.
Utilizing personal financial management (PFM) tools such as personalized dashboards, calculators, insights, news, and peer-to-peer elements like commenting, along with a variety of educational content, MoneyLion encourages daily app engagement for better financial decision-making.
Owns a content studio, enabling attractive consumer acquisition costs and providing an edge in customer retention through multiple financial decisions.
Focusing on vertical expansion, particularly in credit cards, auto insurance, and mortgages. “In terms of vertical expansion, we’re working to deepen our presence in select verticals. Namely, we’re most excited about credit cards, auto insurance and mortgages. We’re exploring all opportunities to quickly bring these verticals to market. We believe this will position us well to capture demand for these products inside of the network,” said CEO and founder Diwakar Choubey.
The partnership with EY is progressing well, with MoneyLion building an interface layer for banks to embed financial products.

Technology:

Developing a unified experience for consumers to learn about, search for, compare, select, and complete their checkout of financial products.
This technology is available to their enterprise partners and through Moneylion.com and other owned channels.
Investing in AI and machine learning to enhance consumer engagement strategies, leading to hyper-personalized cross-selling and increased total product consumption on their platform. This marketplace-first experience is also integrated within the MoneyLion app.

Customer Growth:

Total Customers: Ended Q1 with 15.5 million total customers, reflecting a 98% increase year-over-year.
Added 7.7 million total customers in the last 12 months ending Q1 2024.
Customer acquisition cost (CAC) was under $15, consistent with prior periods.
Product Consumption: 25.3 million total products consumed on the platform, with 49% being third-party products.

Background:

MoneyLion went public on September 22, 2021, after merging with Fusion Acquisition Corp. (SPAC). Its stock has lost 71% since becoming public.