THE ASK

brand

EMPOWERING PEOPLE TO TAKE GREATER CONTROL OF THEIR FINANCIAL LIVES

MoneyLion believes that by building better, smarter products, we can help people build positive, sustainable financial habits.

 

SpotMe is a product within the MoneyLion app that allows members to "get spotted" up to $250 from their next paycheck, no interest, no fees.

 

Business challenge

Drive MoneyLion acquisition by converting 50% of direct deposit users to Core Membership users.

objective

 

Leverage SpotMe to acquire new MoneyLion users. 

situation

PEOPLE DON'T TRUST CASH ADVANCES

The cash advance space feels predatory, targeting people when they’re most vulnerable. Too often they create cycles of financial dependency, which can be as emotionally draining as they are monetarily. 

target

 

YOUNG AMERICANS TRUST EACH OTHER FOR FINANCIAL SUPPORT

P2P transfer services like Venmo and Zelle feel trustworthy

the answer

issue

SUPPORT FROM CASH ADVANCES AND P2P TRANSFERS CREATE DEPENDENCY

P2P seemed like the answer to our problems. But in reality, we’ve created financial codependency with our friends. Instead of a lender, we have become indebted to one another. 

context

DEBT BECOMES A SHAME SPIRAL

Young Americans are ashamed of their dependency. They feel tremendous pressure to make good on the investment others’ have made in them, and their self-worth and perception of success is strongly tied to the achievement of financial independence.

insight

YOUNG AMERICANS DON'T WANT TO RELY ON OTHERS TO ACHIEVE FINANCIAL INDEPENDENCE

They have a complicated relationship with money; it's the key to freedom and empowerment, yet a source of debilitating stress and anxiety. The thought of speaking up about their financial situation is terrifying... and asking for help feels like a personal failure.

strategy

INTRODUCE SPOTME AS A TOOL THAT LETS YOUNG AMERICANS RELY ON THEMSELVES FOR FINANCIAL SUPPORT

SpotMe breaks the cycle of dependence by letting users borrow from their future selves. Not lenders. Not friends. 

the approach

BIG IDEA

FINANCIAL INDEPENDENCE STARTS WITH ME2ME, NOT P2P.

Redefine the category of moneylending by creating an entirely new market space owned by SpotMe: Me2Me lending. Not cash advance. Not peer-to-peer. 

 

Unlike its competitors, SpotMe is the only platform backed by tools and support to strengthen financial health, and empowers users with complete autonomy. The only person you owe it to is yourself.

MoneyLion will introduce SpotMe by breaking the old model. Simply put, SpotMe will break P2P by hacking Venmo.

Samantha Perlman