Fintech company MoneyLion, which is scheduled to begin trading on the New York Stock Exchange on 23 September, increased revenue and user-growth guidance projections, the company announced Wednesday.
A better outlook
The New York-based online financial services provider now expects full-year 2021 revenue totalling $155m, up from the previous $144m and its total customer base to grow to 3.03m, versus previous estimates of 2.57m.
MoneyLion, which will trade under the ticker $ML following the expected completion of its merger with SPAC Fusion Acquisition Corp, expects to lose money, however, expanding its anticipated yearly loss to $37m from the previous $28m.
“We are experiencing strong user growth due to demand for our products and the effectiveness of our marketing spend and, following the expected closing of our business combination with Fusion later this month,” said MoneyLine CEO Dee Choubey in a prepared release.
New products to fuel growth
Specifically, MoneyLion believes the pending launch of a new Crypto and so-called Buy Now Pay Later platforms later this year will fuel user growth, and in turn, revenue.
“The revised guidance reflects higher projected user growth, along with the expected revenue contribution of planned product launches this year, including MoneyLion’s new Crypto and Buy Now Pay Later offerings, that are expected to ramp through 2022 and reach full scale in 2023.” the company added.
No specific timing was disclosed for the product launches.
Second quarter financial results
MoneyLion saw a second quarter 2021 net loss totalling $12m on $37.7m in revenue, the company reported. The loss did not include a $27.2m non-cash charge.
The company’s revenue grew revenues grow 122% year-over-year.
Customers grew 113% to 2.2m, versus 1m in the comparable 2020 quarter, with total payment volume totalling $280.0m, up 148% from Q2 2020.