A startup that's raised more than $200 million in funding on the premise of offering digital banking services to financially-distressed customers will start offering commission-free stock trading next year — including the option to buy small slivers of pricey shares. , the digital banking company that is geared toward people who need help managing their finances on a day-to-day basis, will roll out stock-trading capabilities in 2020.
The commission-free trades will mark a departure from MoneyLion's core lending and savings offerings — Stevenson estimated roughly 90% of MoneyLion customers had never opened an investment account before — and comes as many discount brokerages and big banks haveThe New York-based app that launched in 2013 uses a flat-fee subscription model for customers who want access to its banking, lending, and investing products. The zero-commission stock-trading will be part of that service.
"They can have an asset-allocated portfolio with $10 or $5. And the perfect complement is, okay, I am not going to spend whatever it would be to build a portfolio of FAANG stocks, but if I can do it for $100. That is a wonderful way to get started," said Stevenson, who previously held managing director roles at Stifel Financial and Barclays Wealth and Investment Management before joining MoneyLion in April 2018.community has increasingly embraced low-cost, passive investing.
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