MoneyLion Inc.

Good day and welcome to your Money Lion, Inc. Third Quarter 2021 Earnings Call. Following the presentation, we'll open the call for your questions. Before we go further, I would like to turn the call over to Mr. Slaw as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

Good morning, everyone, and thank you for participating in today's conference call to discuss MoneyLion's results for the third quarter ended September 30th, 2021. Joining us today are Dee Chowbe, CEO and co-founder, and Rick Correa, Chief Financial Officer. Before I introduce Dee, I'd like to remind you that any forward-looking statements made in this commentary are subject to our safe harbor statement found in our SEC filings and in our press releases. Today's call is also accompanied by an earnings presentation that you can view on our webcast and is also available for download on our website at investors.moneylion.com. With that, I'll hand it over to Dee.

Thank you, Cody. Welcome, everyone. It's an exciting moment for us to be hosting you for MoneyLion's first earnings call as a public company. Today, we'll talk to you about our mission, our vision of building a private bank for the working middle class by owning the culture of money, and our go-forward product innovation strategy. By way of background, we started Moneyline in 2013 to create financial access for hardworking Americans. We're a mission-driven company, and all of our team members are passionate about building the most innovative financial technology products in the world. We are well positioned with a global team, We're distributed across New York, Sioux Falls, Kuala Lumpur, Malaysia, and a host of US cities through our remote work programs. Our Kuala Lumpur team consists of the region's leading engineers, product developers, and data scientists. These folks are young, excited, and hungry to work on the hardest problems in FinTech using the latest technology tools. This international location gives us significant operating leverage, flexibility, and both cost and speed to market advantages. We always say we're a technology and data first company with a deep emphasis on building enduring technologies that expand our platform and network benefits. Over the medium and long term, we will use our advantage in data to continue adding even more features into our ecosystem to drive user engagement and even more reasons for consumers to join and stay on Moneyline. The big milestone for the year, of course, has been bringing Moneyline to the public markets via a SPAC merger under the historic ticker ML. With the transaction, we've greatly fortified our balance sheet with over $300 million in cash. And this really allows us to execute against the plan we've laid out. We've assembled a world-class board that increases our vantage points across regulatory and compliance with the additions of former SEC Commissioner Annette Nazareth and former U.S. Ambassador and banking veteran Dwight Bush, as well as on data, content, and lifestyle with the additions of Matt Torella, formerly Chief Customer Officer at Twitter, Lisa Gersh, formerly of NBC Universal, and Michael Paul, currently president of Disney+. Our users represent the 90-plus million hardworking Americans that are unhappily banked and are looking for financial products that make sense and are easy to understand. We are building essential content, tools, and technologies for our members to navigate times of excess and, invariably, a few times a year, times of need. The Money Center banks continue to offer good single products to consumers, but no one bank or even any FinTech properly provides context or personalization on what is the right financial product to use next. Oftentimes we see Moneyline enables our customers to achieve their biggest financial achievements of their lives by helping them build credit to buy a house, buy a car, or generally live a better life. We continuously operate at this intersection of lifestyle and finance. Our strategy is to deliver a daily destination experience where our members look to spend 60, 90, 120 seconds a day in our app, engaging with personalized insights, timely recommendations, market movements, account tracking, financial content, all to optimize daily life using the superpowers of a feature-rich digital bank. The future of commerce is live and social. We're making Moneyline more dynamic and allowing users to engage in finances alongside of their friends, families, influencers, and trusted thought leaders. We believe finance should not be walled off, but actually it should be part of social conversation. From Q1 2022, we plan to launch a series of social features like chat-based peer-to-peer capabilities that continue to bring together the power of community in financial decision-making. Good things are meant to be shared. We're investing heavily in our referrals program to create Moneyline ambassadors to drive new user acquisition. Influencers and mavens will be able to use the Moneyline Today feed to share their own learnings with our users and help democratize access to financial know-how and advice that was previously held for those in the know. Our long-term vision is to create a repository of interest and content graphs for our user base to deliver targeted content and product recommendations in a fun and social way. As American society changes, as more Americans work gig or multiple jobs, we're well positioned to be the private bank of the future of the fastest growing labor segments of the United States. And we see this in the numbers. Not only is customer growth accelerating, but we're doing it with highly profitable unit economics, resulting in year-over-year increases in contribution profit margin. Our adjusted revenue grew to $42 million at the end of Q3, up 119% from Q3 2020. Adjusted gross profit, which is a good measure for unit cash flows, increased to $27 million in Q3, up 146% from Q3 2020. What's exciting is that while we're accelerating user growth, our gross profit margin increased to 64% compared to 55% in Q3 2020. We've always said we provide superpowers to our users in times of excess with our banking and investing products, but also must have solutions with credit products in times of need, With that, total originations jumped to $274 million in the quarter, up 135% from Q3 2020. We're at one rating now at well over a billion dollars on an annualized basis, and there's more growth ahead for these products in the future. The top of the funnel advantages and the flywheel effect of our multi-product strategy are working. A great way to see this in action is through the significant growth in total products consumed by Moneyline members. By way of background, we have 9.4 million registered users on the Moneyline platform at the end of Q3. These users enjoy our PFM tools, credit monitoring tools, content, and other free resources. Of those 9.4 million, total customers with at least one financial account, which we think is a higher bar of user measurement than what the industry typically discloses, increased to 2.7 million at the end of the quarter, vastly exceeding our 2021 full year expectations. and representing our seventh straight quarter of growth. Those 2.7 million customers have taken out 6.9 million products on our platform, representing 75% growth from Q3 2020. Total product adoption over our cohort continues to increase as we cross-sell throughout the lifecycle of the user. Let me take this opportunity to make an important point on what Moneyline is. Moneyline is a unique, accelerating growth story in the public markets. requiring continued investments in technology, people, and user growth to propel what we see as compounding growth for future periods. Moneyline provides exposure to hyper-growth characteristics of a late-stage private company in the public markets while building the essential proprietary technology and data assets that will provide sustained long-term cash flows, earnings, and ROI. There is a future of money for middle America, and we will always be innovating and experimenting to be at the forefront of technology that will be loved by consumers today and tomorrow. At the same time, given this opportunity to create a consumer finance behemoth, Moneyline is not currently optimizing for short-term profitability. Why is that? Well, we can see that new user growth is contributing to incremental profitable unit economics. Our payback periods on customer acquisition continue to be under one year. New users are creative to ARPU and contribution profit margin. We're sustaining $55 of ARPU on a new user in the first calendar year and seeing significantly more on top of that over a cohort with robust lifetime values. Given the growth and adoption we're seeing, the smartest use of cash is to continue that user growth. We want to use this opportunity to continue accelerating and keep investing cash flows and building proprietary technology to expand our cross-sell advantage and operating leverage. We have a lot of confidence in this strategy. This management team has a proven track record of financial product innovation, and we've done it cost-effectively having used less capital to create the platform than most of our FinTech peers. As an example, we pioneered algorithmic lending and financial management technologies. We added a fully managed robo-advisor in 2017 along with behavior-linked rewards. We followed that with a full-service banking product in 2018 and continued driving financial access with the expansion of our Instacash advanced product in 2020. crypto, BNPL, and personalized advice were either added or refined continuously in 2021. Our technology drives full automation of account opening, servicing, lifecycle nurturing, and cross-selling. We will continue to invest in automation across our tech stack to drive operating leverage. This automation is a constant optimization, and we continue to work on it every quarter. I'd like to emphasize, We are one of the few FinTechs globally that have this breadth of products already in market. It's not just that we can build the products, but Moneyline's elegance is in the seamless integration of each capability to drive instant funding, and importantly, insights to users on when and how to use the products. Our platform approach is not an afterthought. We've been very intentional about it, and it's working. While others are just now getting onto adding cross-sell features and product lines, Our platform has been built from the get-go and from the ground up to foster this holistic relationship as opposed to a transactional one-time relationship with the consumer. As I've noted before, we're seeing this approach pay off now with our customers now trusting us with a second, third, fourth, and sometimes even a fifth product on our platform. Once they're in, they don't have to leave. And our strategy is to remove any reason for them to leave us for financial decision-making. If you look at our product journey, it starts with Roar Money, our digital banking product. We've designed and built this wallet to be one of the most feature-rich products in all of American financial services. Its features include two-day early paycheck, remote deposit check capture, automated direct deposit switches, MasterCard's purchase price protection, cashback rewards, spare change roundups into Bitcoin, roundups into our managed investment capabilities, a very unique shake and bank rewards on every swipe of $10. And earlier this year, we announced the creation of our own Buy Now, Pay Later product. Very soon, we look forward to fully releasing the capability out of our beta program and into the hands of our users nationally. Our investing solutions seamlessly connect with the Roar Money account, making it very easy for consumers to set up and fund the account. We believe in giving users investing choice across a spectrum of returns, but our philosophy is that every American should have access to a managed way to invest for specific goals, tailored to their time and risk horizons and for the long run. We've opened millions of investment accounts over the years, and for 80% of our users, Moneyline is their first managed investment account. We're teaching our members the essentials of compounding and growing savings responsibly. The features of this account include personalized portfolios from Wilshire and Global X, thematic portfolios giving exposure to ESG, greater good, future innovation, as well as roundups and auto investing, as well as goals-based investing for our consumers as well. While we know that managed investing is usually the best way to start investing, we've always been an advocate for the consumer. And our customers have resoundingly told us that they want access and easy ways to learn and get exposure to cryptocurrencies. We're very proud of our team for releasing integrated crypto into our Roar Money digital bank account in Q3 and broadly into our ecosystem as well. The adoption has been phenomenal, as evidenced by account openings with over 80,000 accounts opened in the first weeks of announcing our crypto prize pool. Our product set will focus on rounding up daily into Bitcoin to give exposure to dollar cost averaging. And for first-time crypto investors, this is the best on-ramp into the asset class. Our innovation is always around giving more micro-investing capabilities to our consumers, as well as more found money strategies. In the future, we'll look to add additional coins to drive education and engagement. In Q3, we increased the adoption of Game Plan, continuing on the success in the past we've had with building personal financial management tools. The value proposition to consumers here is that Moneyline is able to bring to bear the habits of millions of other consumers on our platform to illuminate the best path forward. Most Americans don't have a financial advisor, but Game Plan curates the best practices of a large community to bring advice to financial decision making, like buying a car, saving for a house, reducing debt, and planning for retirement all for free. Features like Game Plan allow us to accelerate our two-sided marketplace, We know we can't provide every financial product to consumers, but we know our consumers better than anyone from a data perspective. It puts us in the best position to match our users inflection points with just the right products at just the right time. And financial product creators like being part of the Moneyline ecosystem because they can be served as actionable solutions to consumers who display high intent at a point of time when the product is really needed, leading to better conversion metrics than most other publishers. Because of that, we're executing a strategy of becoming an aggregator. We want to be in the middle of every financial decision made by our consumers. Just like Apple and Google and Amazon have app marketplaces, our strategy is to build a financial product marketplace at similarly large scale. I'd like to emphasize we have a purpose-built team of data scientists and engineers that are building the future of dynamic marketplaces that meld content, advice, our own first-party financial products like banking, investing, crypto, credit, and game plan with that of every type of third-party financial product originator. No one does this well in the market today, and our investments into marketplace are already resulting in strong growth in Q3. But more importantly, we're making the investments today in 2021 to set us up as the go-to destination for any financial decision across mortgages, insurance, credit cards, and wealth management advice too. We're excited about how all of these products are fitting together and working together. It gives us confidence to invest in the top of the funnel brand marketing, knowing that users are taking multiple products and contributing to ARPU in multiple ways. We're seeing the flywheel effects, all of these products working together to deliver positive consumer outcomes while helping us deliver diversified, profitable unit economics. In conclusion, I'd like to drive home that we're in a great position with a well-capitalized balance sheet. The SPAC transaction met its intended outcome. Now our team will continue to use our platform benefits to deliver flywheel usage of our many features and products at the top of the funnel. We feel confident deploying marketing dollars to brand and awareness marketing. And as we continue to expand on our data advantage with even more users using our platform, we'll be in a great position to aggregate consumer choice goals with third-party financial and non-financial products further driving our abilities to collect economic grants for having created a daily destination. Moneyline will always innovate in bringing together the best of fintech, easy-to-use, powerful financial accounts, insights, advice encapsulated by a delivery mechanism that aims to be at the center of the culture of money and making it fun while doing it. With that, I'll pass it on to Rick to run us through the results in more detail. Thank you.