MoneyLion Inc.

MoneyLion reported Q3 2024 revenue of $135 million, up 23% year over year and 4% quarter over quarter, versus guidance of $133 million-$138 million. Adjusted EBITDA was a record $24 million, above guidance of $18 million-$21 million, with an 18% margin. Full-year 2024 revenue guidance was raised to $536 million-$541 million from $525 million-$535 million, and full-year adjusted EBITDA guidance was raised to $88 million-$93 million from $80 million-$87 million. For Q4 2024, management guided to revenue of $149 million-$154 million, implying 32%-36% year-over-year growth, and adjusted EBITDA of $22 million-$27 million. Cash ended the quarter at $112 million, up from $98 million in Q2.

Dee Choubey framed Q3 as proof that MoneyLion’s strategy is working, saying the company is moving toward becoming the number one destination for financial decisions. He emphasized a “30-60-90” mix shift toward higher-margin revenue, ongoing customer and product expansion, and the launch of MoneyLion Checkout as a step-change in the consumer finance shopping experience. His tone was confident and expansive, with repeated references to accelerating growth, market share gains, and long-term market opportunities in credit cards, mortgages, and auto insurance.

Rick Correia focused on operating leverage, unit economics, and the company’s margin profile. He highlighted CAC under $20, a payback period of about 6 months, ARPU around $32, and 78% of direct-to-consumer revenue coming from historical cohorts. He also pointed to $776 million in first-party product originations, up 38% year over year, provision expense at 3.1% of originations, and cash of $112 million at quarter-end. On capital and financing, he said debt is materially above a typical SOFR-plus-150-to-300 range and that the company will keep looking for a lower cost of capital, while still investing in growth.

Analysts focused on enterprise growth, the impact of lower rates, checkout adoption, and regulation. Management said enterprise conversion rates have modestly improved and should improve more meaningfully into Q4 and the first half of 2025, helped by lower rates and new verticals. On Checkout, management said pilot partners are already seeing strong performance and that adoption will come from converting existing API partners to the new checkout flow. On regulation, Dee Choubey said MoneyLion has spent 10 years building compliance infrastructure and does not expect proposed CFPB actions to stop it from offering Instacash, even if the rule is finalized as proposed.