How much does it cost to develop a personal finance app like MoneyLion?

Updated on Dec 18th, 2023

How much does it cost to develop a personal finance app like MoneyLion?

The proliferation in the number of smartphones and the incredible increase in the quality of services delivered inside the small handheld device empowered the growth of the mobile app development market. The impressively smooth screens shuffling the number of apps within the fraction of seconds, swiftly running aggressive apps, and amazing transactional ease for almost every task of our daily lives, these are just part of the story. The ever-increasing demand of users pushed mobile apps to enter into the most essential management task for human survival.

Managing so many tasks with the mobile device, how can we leave the money management to be steered manually. Once it came to money, it is obvious to connect with banks and credit card while also spreading the power over the complicated financial planning. IT has luckily introduced capable solutions for managing the finances better with the help of apps like MoneyLion, Venmo, Mint, GoodBudget, and Wally. In this article, we will discuss the features and cost of developing an app like MoneyLion.

A brief introduction of MoneyLion:


MoneyLions is an innovative financial platform app that offers consumers the better way to earn, invest and borrow. The company is founded by CEO Diwakar Choubey to expand consumer banking services via mobile phone. The initiative is targeted for 70 percent American consumers, which is the segment of people with less than $2000 saving on average. What doe seems interesting is that 93 percent of investors are first-time investors.

Since 2013, MoneyLion has amassed more than 3 million members and built a strong trust of customers with innovative banking and investment capabilities. With the use of a single app, the users can get a 360-degree snapshot of their financial lives, while access to tips and tools for achieving everyday saving and improving the credit.

MoneyLion’s Revenue model:


The core revenue driver for Moneyline is loan business. As per the website, the company has originated over 200000 loans by the time along with the reach of its mobile app to more can 2.2 million customers. As per the last detail we got, the company has amassed 3 million members.

Fast Loans:

The personal finance app MoneyLion is not just limited to the tools for tracking the expenditure, saving and managing credits. It gained popularity with low-cost borrowing and investment services. It offers loan up to $550 at 5.99 percent annual percentage, without the credit check.

MoneyLion Plus subscription services:

Launched in end of 2017, MoneyLion Plus blends the investing, borrowing and checking accounts into a single subscription-based membership for the user. Under this membership plan, MoneyLion automatically withdraws $79 from consumer’s account per month, where $29 are taken for providing the service and $50 are deposited into the investment accounts.. Here, what is exciting for users that user is rewarded $1 every daily log in. This means that if users remember to log in every day, essentially get the service free.

Affiliated marketing:

Lead generation business also raises its revenue, where the loyal customers of MoneyLion may get benefits from other financial services.

Recent launch:

An app like MoneyLion cannot stay back in providing unique services to its customers. Financial heartbeat, the industry’s first health tracker for finances simplifies the understanding of financial wellness on mobile devices. The app encapsulates five key financial pillars, to increase the scores.

  • Save: Measure the user saving and investment in real time.
  • Spend: Offers Certified Financial Planning level advice.
  • Shield: Shows user how much they are protected.
  • Score: Credit Score Monitoring and advice to build the Credit Score.
  • Strive: Promote users to build positive daily financial behaviors.

In fact, MoneyLion is an all-in-one platform, which enables the client to handle numerous financial challenges. Before calculating the cost of the app development process of the personalized finance app like MoneyLion, we must focus over the most required features in a similar app.

Credit card monitoring:

The personal finance app must be the top end solution for credit monitoring which essentially must-have features such as credit reports, credit utilization, and on-time payments. The customer is given the simple interface for filling the credentials to access the free credit monitoring services. The customer should be able to improve the credit score. You can also provide the push notification on credit monitoring.

Personalized money management tips:

You can provide personalized money management tips for your app users. The app users are needed to link their bank accounts, where the unique spending patterns are used to analyze and prepare the tips for money management.

Rewards and points:

Even for the engaging app, success is not sure. For making the app popular, you must encourage users to use your app. For encouraging, you can offer the points and rewards for using and logging in the app. few cash backs rewards like MoneyLion, can raise the number of users.

Once you have planned to develop an app like MoneyLion, you can have a look over other top financial apps such as Mint, Acorn, Credit Karma, Digit, Good Budget, Wally and Pocketguard.

Estimated Cost of development:

The development of app strictly depends on the features. You can hire dedicated developers or a development company, which generally charges according to the hour of development dedicated. The development hours are multiplied by the rate of working per hours for generating the estimated cost.

How Matellio can help you to develop App like MoneyLion

Matellio can help you is developing a great app that can break the bars. To know the cost of the app development process from an expert company like Matellio, you can take guidance from the business analyst there. Here, we have brought a simple idea after consulting with Matellio business analyst team. The team created the list of a few essential features:

  • Signup and Login
  • Dashboard for adding multiple bank accounts
  • Credit score tracking
  • Credit Monitoring
  • Personalized money management tips
  • Profile management settings
  • Push Notification

The company like Matellio dedicates the significant working hours beforehand in analyzing your requirements. The cost of development depends on the requirement list, which only the business analyst team suggest. You can drop an email with your needs and the company’s executive contacts you afterward.


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