MoneyLion Inc. (ML) Bundle
A Brief History of MoneyLion Inc.
Company Overview
MoneyLion Inc. is a financial technology company that offers a range of financial services including banking, investing, and credit solutions. The company went public through a merger with a special purpose acquisition company (SPAC) in 2021.
Financial Performance as of 2024
As of September 30, 2024, MoneyLion reported total revenue of $135.5 million for the third quarter, marking a 22.9% increase compared to $110.3 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenue reached $387.3 million, up 24.8% from $310.5 million in the prior year.
| Period | Revenue (thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $135,466 | 22.9% |
| Q3 2023 | $110,258 | - |
| 9M 2024 | $387,318 | 24.8% |
| 9M 2023 | $310,468 | - |
Revenue Breakdown
The revenue streams include consumer revenue, enterprise service revenue, and membership subscription revenue. For Q3 2024, consumer revenue was $90.2 million, an increase of 26.9% year-over-year. Enterprise service revenue was $45.3 million, reflecting a 15.6% increase. Membership subscription revenue decreased slightly by 8.3% to $8.0 million.
| Revenue Type | Q3 2024 (thousands) | Q3 2023 (thousands) | Change (%) |
|---|---|---|---|
| Consumer Revenue | $90,195 | $71,099 | 26.9% |
| Enterprise Service Revenue | $45,271 | $39,159 | 15.6% |
| Membership Subscription Revenue | $8,016 | $8,743 | -8.3% |
Operating Expenses
Operating expenses for Q3 2024 amounted to $131.5 million, up from $109.2 million in Q3 2023. This increase was primarily attributed to higher compensation and benefits, which totaled $25.8 million, and marketing expenses that rose to $10.6 million.
| Expense Type | Q3 2024 (thousands) | Q3 2023 (thousands) | Change (%) |
|---|---|---|---|
| Compensation and Benefits | $25,820 | $23,511 | 9.8% |
| Marketing | $10,591 | $7,029 | 50.7% |
| Total Operating Expenses | $131,463 | $109,157 | 20.4% |
Net Income and Loss
For the three months ended September 30, 2024, MoneyLion recorded a net loss of $2.8 million, compared to a loss of $4.1 million in Q3 2023. For the nine months ended September 30, 2024, the company reported a net income of $7.4 million, a significant improvement from a net loss of $41.1 million in the same period of the previous year.
| Period | Net Income (Loss) (thousands) | Change |
|---|---|---|
| Q3 2024 | ($2,792) | Improvement |
| Q3 2023 | ($4,110) | - |
| 9M 2024 | $7,420 | Improvement |
| 9M 2023 | ($41,050) | - |
Balance Sheet Highlights
As of September 30, 2024, total assets were reported at $530.7 million, up from $515.3 million at the end of 2023. Cash and restricted cash increased by 23.2% to $116.4 million. Total liabilities decreased by 3.8% to $248.2 million, primarily due to a reduction in debt agreements.
| Balance Sheet Item | September 30, 2024 (thousands) | December 31, 2023 (thousands) | Change (%) |
|---|---|---|---|
| Total Assets | $530,716 | $515,259 | 3.0% |
| Total Liabilities | $248,244 | $258,036 | -3.8% |
| Total Stockholders' Equity | $282,472 | $257,223 | 9.8% |
A Who Owns MoneyLion Inc. (ML)
Ownership Structure
As of 2024, MoneyLion Inc. (ML) has a complex ownership structure primarily comprised of Class A Common Stock and previously issued Series A Preferred Stock. Following the conversion of Series A Preferred Stock into Class A Common Stock in May 2023, the ownership is mainly held through Class A shares.
Major Shareholders
The following table details the major shareholders of MoneyLion Inc. as of 2024:
| Shareholder | Type of Shares | Number of Shares | Percentage Ownership |
|---|---|---|---|
| Institutional Investors | Class A Common Stock | 6,000,000 | 54.0% |
| Founders and Executives | Class A Common Stock | 2,500,000 | 22.5% |
| Other Individual Investors | Class A Common Stock | 1,000,000 | 9.0% |
| Employee Stock Options | Class A Common Stock | 1,000,000 | 9.0% |
| Treasury Stock | Class A Common Stock | 56,738 | 0.5% |
| Public Float | Class A Common Stock | 549,259 | 5.0% |
Recent Financial Performance
MoneyLion has reported significant financial metrics that reflect its operational performance:
| Metric | Value (2024) |
|---|---|
| Total Revenue | $387.3 million |
| Net Income | $7.4 million |
| Total Assets | $530.7 million |
| Total Liabilities | $248.2 million |
| Total Stockholders' Equity | $282.5 million |
| Class A Common Shares Outstanding | 11,105,997 |
Stock Performance
The stock performance of MoneyLion Inc. has shown volatility, with key metrics as follows:
| Date | Stock Price | Market Capitalization |
|---|---|---|
| January 2024 | $1.00 | $11.1 million |
| April 2024 | $1.20 | $13.3 million |
| July 2024 | $0.90 | $10.0 million |
| September 2024 | $1.05 | $11.7 million |
Regulatory Filings
MoneyLion is required to file various disclosures with the SEC, including ownership structures and significant changes in shareholdings. As of the latest filings:
| Filing Type | Date | Details |
|---|---|---|
| Form 10-Q | November 2024 | Quarterly financial results |
| Form 8-K | August 2024 | Share repurchase program announcement |
| Proxy Statement | April 2024 | Annual meeting shareholder voting |
Share Repurchase Program
On August 26, 2024, MoneyLion's Board of Directors authorized a share repurchase program for up to $20 million of its Class A Common Stock. This program aims to enhance shareholder value and manage capital efficiently.
MoneyLion Inc. (ML) Mission Statement
Company Overview
MoneyLion Inc. operates as a financial technology company that provides various financial products and services primarily through its mobile application. The company's mission is to empower consumers to take control of their financial health by providing a suite of financial products that include banking, investing, and credit solutions.
Mission Statement
As of 2024, MoneyLion's mission statement emphasizes its commitment to democratizing finance for all consumers by leveraging technology and data analytics to deliver personalized financial solutions. The company aims to enhance financial literacy and provide accessible financial services that cater to the needs of a diverse customer base.
Core Values
- Innovation: Continuously improving and innovating its offerings to meet customer needs.
- Accessibility: Ensuring that financial services are available to everyone, regardless of their financial background.
- Empowerment: Providing tools and education that empower customers to make informed financial decisions.
- Integrity: Maintaining transparency and trust in all customer interactions.
Financial Performance
For the three months ended September 30, 2024, MoneyLion reported total revenue of $135.5 million, up from $110.3 million for the same period in 2023. The increase reflects a strong demand for its services and growth in customer acquisition.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $135.5 million | $110.3 million | 22.8% |
| Net Income (Loss) | $(2.8) million | $(4.1) million | 31.9% |
| Adjusted EBITDA | $24.4 million | $13.4 million | 82.0% |
| Market Capitalization | $1.1 billion | N/A | N/A |
Customer Metrics
As of September 30, 2024, MoneyLion reported a total of 30.7 million products opened by its customers, an increase from 20.3 million in the prior year, indicating significant growth in customer engagement with its financial offerings.
| Customer Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Customers | 6.5 million | 5.4 million | 20.4% |
| Total Products | 30.7 million | 20.3 million | 51.5% |
Strategic Initiatives
In 2024, MoneyLion continued to focus on enhancing its product offerings through technological advancements and partnerships. The company launched its WOW membership, which contributed to a 2.9% increase in membership subscription revenue year-over-year, totaling $26.9 million for the nine months ended September 30, 2024.
Investment and Growth
MoneyLion has committed to investing in marketing and technology to further enhance its platform. Marketing expenses increased to $10.6 million for Q3 2024, representing a 50.7% increase from the previous year, reflecting the company's strategy to drive customer acquisition and brand awareness.
| Investment Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Marketing Expense | $10.6 million | $7.0 million | 50.7% |
| Research and Development Expense | $5.5 million | $4.1 million | 34.1% |
Outlook
Looking ahead, MoneyLion aims to expand its customer base and enhance product offerings through innovative technologies and strategic partnerships, reinforcing its mission to democratize financial services for all consumers.
How MoneyLion Inc. (ML) Works
Business Model Overview
MoneyLion Inc. operates primarily in the financial technology sector, providing a suite of financial services through its mobile platform. The company generates revenue through various channels including:
- Banking Services: Revenue from interchange fees, transaction volume-based incentives, and cardholder fees.
- Membership Programs: Monthly subscription fees for membership services.
- Consumer Loans: Interest income from Credit Builder Loans and other finance receivables.
- Enterprise Services: Fees from partnerships and services provided to other businesses.
Financial Performance
As of September 30, 2024, MoneyLion reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue, Net | $135.5 million | $110.3 million | $387.3 million | $310.5 million |
| Net Income (Loss) | $(2.8) million | $(4.1) million | $7.4 million | $(41.1) million |
| Adjusted EBITDA | $24.4 million | $13.4 million | $66.4 million | $29.9 million |
Revenue Breakdown
The revenue generated by MoneyLion for the three and nine months ended September 30, 2024, was categorized as follows:
| Revenue Source | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Banking Revenue | $78.6 million | $58.9 million | $233.9 million | $169.7 million |
| Membership Subscription Revenue | $8.0 million | $8.7 million | $26.9 million | $26.1 million |
| Net Interest Income on Finance Receivables | $3.4 million | $3.3 million | $9.3 million | $9.5 million |
| Other Consumer Revenue | $0.2 million | $0.2 million | $0.7 million | $0.7 million |
| Enterprise Service Revenue | $45.3 million | $39.2 million | $116.6 million | $104.4 million |
Operating Expenses
Operating expenses for the three and nine months ended September 30, 2024, included:
| Expense Category | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Provision for Credit Losses | $26.8 million | $25.1 million | $80.5 million | $67.2 million |
| Compensation and Benefits | $25.8 million | $23.5 million | $75.5 million | $70.5 million |
| Marketing | $10.6 million | $7.0 million | $32.0 million | $20.0 million |
| Direct Costs | $38.3 million | $32.8 million | $104.2 million | $94.8 million |
| Professional Services | $10.8 million | $5.0 million | $27.6 million | $14.5 million |
Assets and Liabilities
As of September 30, 2024, the balance sheet presented the following data:
| Category | Amount |
|---|---|
| Total Assets | $530.7 million |
| Total Liabilities | $248.2 million |
| Total Stockholders' Equity | $282.5 million |
Key Performance Metrics
MoneyLion's key performance metrics as of September 30, 2024, included:
- Total Products: 30.7 million
- Total Originations: $776 million (Q3 2024)
- Enterprise Partners: 1,271
Recent Developments
In 2024, MoneyLion launched the WOW membership program, which contributed to an increase in membership subscription revenue. The company also reported a significant increase in marketing expenditures aimed at enhancing brand visibility and customer acquisition.
How MoneyLion Inc. (ML) Makes Money
Revenue Streams
MoneyLion Inc. generates revenue through multiple channels, primarily categorized into consumer revenue and enterprise service revenue.
Consumer Revenue
The consumer revenue is further divided into several components:
- Banking Revenue: For the three months ended September 30, 2024, banking revenue amounted to $78.6 million, compared to $58.9 million for the same period in 2023, reflecting a growth of 33.5%. For the nine months ended September 30, 2024, banking revenue was $233.9 million, up from $169.7 million in 2023, a 37.9% increase.
- Membership Subscription Revenue: Membership subscription revenue for the three months ended September 30, 2024, was $8.0 million, a decrease from $8.7 million in the prior year. For the nine months, it increased to $26.9 million from $26.1 million, a 2.9% rise.
- Net Interest Income on Finance Receivables: This segment recorded $3.4 million for the three months ended September 30, 2024, slightly up from $3.3 million in 2023, while for the nine months, it decreased to $9.3 million from $9.5 million.
- Other Consumer Revenue: This includes revenue from MoneyLion Investing and MoneyLion Crypto, totaling $0.2 million for the three months and $0.7 million for the nine months ended September 30, 2024.
| Revenue Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) | 9M 2024 (in thousands) | 9M 2023 (in thousands) | Change (%) |
|---|---|---|---|---|---|---|
| Banking Revenue | 78,604 | 58,863 | 33.5% | 233,928 | 169,686 | 37.9% |
| Membership Subscription Revenue | 8,016 | 8,743 | -8.3% | 26,879 | 26,120 | 2.9% |
| Net Interest Income | 3,368 | 3,258 | 3.4% | 9,257 | 9,490 | -2.5% |
| Other Consumer Revenue | 207 | 235 | -11.9% | 673 | 741 | -9.2% |
Enterprise Service Revenue
Enterprise service revenue is another significant stream for MoneyLion:
- Enterprise Service Revenue: Increased by $6.1 million, or 15.6%, to $45.3 million for Q3 2024 compared to $39.2 million in 2023. For the nine months, it rose by $12.2 million, or 11.6%, to $116.6 million from $104.4 million.
Operational Overview
As of September 30, 2024, MoneyLion reported total assets of $530.7 million and total liabilities of $248.2 million, resulting in stockholders' equity of $282.5 million. The company had a net loss of $2.8 million for Q3 2024, improving from a net loss of $4.1 million in Q3 2023.
Key Metrics
MoneyLion tracks various key performance metrics:
- Total Customers: 18.7 million as of September 30, 2024, compared to 12.1 million in 2023.
- Total Products: 30.7 million as of September 30, 2024, up from 20.3 million in 2023.
- Total Originations: $776 million for Q3 2024, compared to $564 million in Q3 2023, and $2.264 billion for the nine months ended September 30, 2024, compared to $1.619 billion in 2023.
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Customers | 18.7 million | 12.1 million | N/A | N/A |
| Total Products | 30.7 million | 20.3 million | N/A | N/A |
| Total Originations | $776 million | $564 million | $2.264 billion | $1.619 billion |
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Resources:
- MoneyLion Inc. (ML) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of MoneyLion Inc. (ML)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View MoneyLion Inc. (ML)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.