MoneyLion acquires Wealth Technologies, unlocks private banking experience for all

By Pavithra R

MoneyLion, the provider of leading digital finance platform, has announced the acquisition of Wealth Technologies, a pioneer in algorithmic financial planning technology.

The acquisition of WTI is expected to improve members’ experience and engagement with MoneyLion, a digital platform where Americans can easily bank, borrow, save and invest, all in one place. The firm has also announced the joining of WTI co-founder Rohit D’Souza as Executive Chairman of its Board of Directors.

D’Souza brings deep knowledge and vision as a pioneer in algorithmic trading and quantitative finance, with experience in capital markets, including leadership roles as Head of US Equity and Derivatives Trading at Morgan Stanley, Global Head of Merrill Lynch’s Equity, Equity Derivatives, and Prime Brokerage division, and CEO of Citadel Securities.

“Our acquisition of WTI adds significant new capabilities to MoneyLion by enhancing our suite of financial tools with precision-guided financial advice to help our members see the interconnectivity of short- and long-term financial decisions across their entire financial portfolio. With fGPS guidance, MoneyLion will bring the previously exclusive experience of private banking with personalized advice to every hardworking American,” said Dee Choubey, MoneyLion co-founder and CEO.

Under the acquisition, MoneyLion’s platform will be powered by WTI’s proprietary fGPS Financial Goals Positioning System, a dynamic course-correcting, comprehensive financial planning and advice system. The fGPS technology is expected to complement MoneyLion in enhancing the advice provided to members regarding credit, spending, and investing by analyzing the full picture of members’ personal assets, incomes, liabilities, and expenses. Predictive fGPS analytics will help members in achieving their most important financial goals. It will also empower MoneyLion’s Financial Heartbeat financial health tracker, enabling it to operate as a personalized status check that offers members personalised, step-by-step plans to support their entire financial journey.

“The WTI acquisition brings tremendous talent with many years of experience in the areas of quantitative finance, data analytics, algorithmic decision making, and financial product design, which will help us greatly as we seek to empower even more people to make informed decisions on their path to achieving financial wellness,” added Choubey.

With this aacquition, MoneyLion’s new analytical framework will provide the intelligent turn-by-turn guidance its members need to manage today, plan for tomorrow and invest in their future.

“WTI’s innovative technology, coupled with MoneyLion’s proven ability to deliver comprehensive AI-powered financial solutions to millions of hardworking Americans, can revolutionize the way the personal finance industry functions by leveraging technology to put the client’s needs and goals at the center – refocusing the business processes from product-centric, sales-oriented verticals to client-centric, outcome-oriented solutions,” said D’Souza.