MoneyLion, the New York-based finance and mobile banking app, announced that it raised $100 million in Series C financing and additionally disclosed $60 million in previously unannounced funding from an earlier round. 

The Series C round was led by Edison Partners and Greenspring Associates, and included a strategic investment from Capital One. Metabank and FinTech Collective also participated in the funding round. 

"We created MoneyLion with a focused goal of providing people with the most valued banking experience in the world," Dee Choubey, founder and CEO, said in a company release. "In 2018 we helped our members avoid over $7.2 million in traditional banking fees, generated over $12 million in cashback rewards and helped 70% of our members increase their credit scores by 30 points." 

MoneyLion plans to use the funds to accelerate customer growth and will also launch new products, including a 0% APR daily cash advance, a high yield cash account and a stock trading program. 

MoneyLion said it now has about 5 million members. The company provides no-fee checking, access to 55,000 free ATMs and no-fee managed investment accounts. 

Cover image courtesy of MoneyLion.