Digital financial platform MoneyLion has purchased Wealth Technologies (WTI), which specialises in algorithmic financial planning technology, for an unknown sum.
Concurrent with the deal, WTI co-founder Rohit D’Souza has been named as executive chairman of the board of directors at MoneyLion.
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MoneyLion co-founder and CEO Dee Choubey said: “Our acquisition of WTI adds significant new capabilities to MoneyLion by enhancing our suite of financial tools with precision-guided financial advice to help our members see the interconnectivity of short- and long-term financial decisions across their entire financial portfolio.
“With fGPS guidance, MoneyLion will bring the previously exclusive experience of private banking with personalized advice to every hardworking American.”
WTI’s proprietary fGPS Financial Goals Positioning System, which is said to be a dynamic course-correcting, comprehensive financial planning and advice system, will power the MoneyLion platform.
With this integration, MoneyLion’s new analytical framework will offer the intelligent turn-by-turn guidance its members regarding spending, credit and investing by analysing their personal assets, liabilities, incomes and expenses.
Commenting on the deal, D’Souza said: “WTI’s innovative technology, coupled with MoneyLion’s proven ability to deliver comprehensive AI-powered financial solutions to millions of hardworking Americans, can revolutionise the way the personal finance industry functions by leveraging technology to put the client’s needs and goals at the center – refocusing the business processes from product-centric, sales-oriented verticals to client-centric, outcome-oriented solutions.”
Last month, MoneyLion entered into a definitive agreement with Fusion Acquisition, which will result in MoneyLion becoming a publicly listed company in the first half of this year.
