Financial technology company commits $3 million in funds to highlight the gender wage gap
NEW YORK, March 1, 2019 /PRNewswire/ -- In recognition of International Women's Day, MoneyLion, America's most powerful financial membership, today pledged to PaveTheWage, by supplementing the paychecks of MoneyLion members and to bring attention to the pay gap disparity between men and women in the United States.
"It has been 47 years since the Equal Rights Amendment, yet the pay gap between men and women is still a reality in the United States. Women make, on average,17 cents less than men for every dollar earned," said Samantha Roady, a member of the Board of Directors at MoneyLion.
"With #PaveTheWage, MoneyLion is paving the way for a future where women and men are paid the same money for the same work. We're not pretending that this single gesture will solve the problem. But it's a step, a call that MoneyLion is proud to issue: to change the pay culture; to start a conversation with employers, families, teachers, men, women, and children; to pave the way toward pay equity."
For those who sign up for MoneyLion direct deposit and elect to opt in to this opportunity, MoneyLion will add 17 percent to one paycheck deposited into a MoneyLion Checking Account, for a total contribution of up to $3 million — an action intended to both raise awareness and directly impact hardworking MoneyLion members.
"The majority of MoneyLion members are women, and we are honored to support them — not only on International Women's Day, but every day," said Dee Choubey, CEO and Co-Founder at MoneyLion. "Today, we wanted to acknowledge their hard work and help them feel whole. We thought there was no better way to do that than to fill that 17 percent gap in their paychecks."
With this gesture, MoneyLion expects to help nearly 35,000 members of the MoneyLion community across the country improve their financial standing, gain confidence in their investing capabilities, and feel empowered to take control of their finances. Those interested in participating in PaveTheWage can view terms here.
"At MoneyLion, we believe that everyone's hard work should be rewarded fairly," said Sruthi Lanka, Head of Strategic Finance for MoneyLion. "We are working to level the playing field so that every hardworking American can claim their dream. We're knocking down the barriers to our members' financial success, one hurdle at a time. Today, we're taking a sledge hammer to the gender-based income disparity."
MoneyLion members typically save an average of $887 per year by eliminating bank fees, reducing the cost of borrowing, earning rewards, and accessing capital markets by investing with zero fees. Average MoneyLion members experience a dramatic improvement in their credit scores within 60 days, and over 90 percent of them are able to invest for the very first time. MoneyLion members have avoided more than $7 million in bank fees and earned $12 million in cashback bonuses.
For more on how MoneyLion is making a positive impact on members' financial lives, see the MoneyLion blog for real customer success stories.
MoneyLion is America's most powerful and rewarding financial membership, empowering people to take control of their finances to achieve their dreams. Since its launch in 2013, MoneyLion has amassed more than 4 million members and has earned its customers' trust with new banking and investments capabilities that offer a one-of-a-kind rewards program, no-fee checking account, overdraft protection, a no-fee managed investment account, and loans funded in 15 seconds or less. From a single app, users can get a holistic snapshot of their financial lives while having access to personalized tips and tools to improve their credit and achieve everyday savings. With the notion that good habits are formed over time, MoneyLion rewards users for decisions that move them closer towards their financial goals. The success of MoneyLion relies on finding ways to make the members' money work as hard as they do. MoneyLion has offices in New York City, San Francisco, Salt Lake City and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.
Limited time offer. This promotion is open to all genders. Matching contributions are limited to $3,000,000 in aggregate. Individual matching contributions are limited to $599 per person. Promotional period ends when maximum matching contributions are reached. Must maintain direct deposit into MoneyLion Checking Account for at least 90 days to receive matching contributions. Eligible matching contributions will be deposited into MoneyLion Investment Account. Must be a MoneyLion member in good standing at all times until payment of matching contributions. See the Official Rules for additional terms, conditions and eligibility requirements.
MoneyLion Checking Account provided by Lincoln Savings Bank, Member FDIC.
MoneyLion's affiliate, ML Wealth LLC, is an SEC-Registered Investment Adviser. Brokerage services provided by Drive Wealth LLC, a member of FINRA/SIPC. Investment returns are not guaranteed and may lose value. Investment accounts not FDIC insured. Other services provided by our affiliates including ML Plus, LLC.
Grayling Public Relations for MoneyLion
310 612 9292
View this press release on PR Newswire here.