MoneyLion, a New York-based banking, investing, and lending platform, has acquired Wealth Technologies in an effort to bolster its in-house tech capabilities that help users plan their financial lives.

Why should we care?
MoneyLion, a digital challenger bank, has been on a quest to further differentiate its offerings as the digital banking market gets more crowded with players like SoFi, Chime, Varo Bank, and others vying for market share. The tools provided by Wealth Technologies offer algorithmic financial planning capabilities. As a result of the acquisition, the MoneyLion platform will be supported by a proprietary Financial Goals Positioning System – a comprehensive planning and advice system. Through it, customers will be able to see the “interconnectivity of short- and long-term financial decisions” across their entire financial lives, suggested co-founder and CEO Dee Choubey. The quest for a way to connect all aspects of consumers’ financial lives is gathering steam in the broader wealth management industry, a concept Envestnet CEO Bill Crager calls the “intelligent financial life”. The acquisition is the latest milestone for MoneyLion, which in February announced it was merging with special purpose acquisition company Fusion Acquisition Corp., in a $2.9B deal that will take the company public.