MoneyLion bets it can scale for ‘exponential growth’
MoneyLion is looking to go big.
As part of that effort, the personal finance, banking and investment platform has named Samantha Roady chief operating officer as it makes moves to expand its customer base. Roady has experience taking a company through an initial public offering.
The six-year-old New York-based company, which has raised more than $200 million in equity funding, reports it has 5 million customers.
Roady, who has been on MoneyLion’s board of directors since 2016, was previously a founding partner at GAIN Capital and president of its global retail brokerage business. She told Bank Innovation that her experience bringing GAIN Capital from its early stages to an initial public offering will help MoneyLion achieve its growth goals.
“[We want to] make sure that operationally we are ready for scaling, and we want to be in a position to effectively support exponential growth in our customer base within a couple of years,” she said. “MoneyLion is at an interesting inflection point — they’ve invested quite a bit in building what we believe is the most robust sort of product suite for a digital bank.”
See also: The ‘Netflix of finance’: How MoneyLion is evolving its subscription offering
The addition of a chief operating officer role adds heft to a product strategy focused on mass market customer acquisition. Roady said her priorities will be to focus on the customer experience; to ensure the company has the tools to scale; and to make sure MoneyLion “continues to be a good place to work.”
She declined to comment on whether the company plans to pursue an IPO, but noted that it’s a potential outcome over time. Asked about future acquisitions, she said the company is focusing on organic growth for now.
MoneyLion’s assets are its team, its product and mission to help customers with their financial lives, explained Roady.
“CEO Dee Choubey and the management team are a very strong team of ‘A Players,'” she said. “Because of all the things that have attracted really strong backing — with the venture capital firms that have invested in [MoneyLion] plus the validation of two highly respected strategic investors in Capital One and Meta Ventures, I think that puts us in a position to win.”
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