Fintech MoneyLion will begin tailoring its investment options to customer preference with the launch of its thematic investing portfolios, which include clean energy, artificial intelligence and social responsibility.
The New York-based mobile banking platform said Tuesday that its new investment portfolios will allow customers to invest "in core areas of interest and personal passion.”
The thematic investment solutions will be powered by Global X ETFs and Wilshire, U.S. fund management companies, and MoneyLion said this deal is the start of a new partnership between it and Global X ETFs.
Three sets of exchange-traded funds are part of the initial rollout. The topics include "future innovation" which will feature ETFs focused on robotics, artificial intelligence and autonomous car technology.
The "earn and grow" topic will feature dividend-paying equity ETFs that can provide balanced exposures that offer higher yield with some growth, MoneyLion said. And the "greater good" topic will feature ETFs aligned to companies that exhibit positive environmental, social and corporate governance characteristics.The new portfolios will be a part of MoneyLion's fully managed investing offering, and members will be able to include their new thematic portfolios within their existing investment accounts.
"In today's world, people want to feel like they're investing in something bigger, something that has the potential to change the world. Our new thematic portfolios put our member's interests and passions first," said Dee Choubey, CEO at MoneyLion.
"We've built an incredible managed investment platform for our members, many of whom are first-time investors, and with the launch of thematic investing, we're allowing our members to further personalize and strengthen their MoneyLion investment accounts based on their personal interests and preferences."
MoneyLion described thematic investing as a long-term strategy designed to benefit from long-term structural changes that disrupt and redefine industries. But the COVID-19 pandemic has accelerated the market, benefiting robotics, cloud computing and e-commerce technology while people work and shop more from home.
"It seems as though many years have been compressed into just a few months. The transformation and disruption occurring in many themes as a result of our shifting circumstances validates the power and necessity of thematic investing," said Jon Maier, chief investment officer at Global X ETFs.
"Thematic ETFs often focus on emerging trends like cloud computing, cybersecurity and fintech and can be an important component of growth-oriented portfolios.”
Existing members of the MoneyLion platform will be able to add the new options without an investment minimum, with the ability to adjust how much they invest in their core portfolio model versus their portfolio theme.
"Global X ETFs and Wilshire are clear thought leaders in the investment industry, offering timely, targeted solutions for investors, often across investment themes, which have traditionally been difficult to access in a managed portfolio," said Jon Stevenson, head of wealth management at MoneyLion.
In July, MoneyLion partnered with Mastercard and MetaBank to roll out a mobile-banking product called RoarMoney. It includes a demand deposit account from MetaBank and a debit card offered by Mastercard, and features payday advances, contactless payments and identity theft protection.
--Additional reporting by Tom Auchterlonie