EXCLUSIVE—What’s behind the growth of personal finance management platform MoneyLion? A focus on simplicity and UX design that intimately appeals to younger users such as millennials and Gen Z users, fintech investor Ron Suber told Bank Innovation.

Suber, who currently serves as the president emeritus of the Prosper marketplace, just became a strategic advisor to MoneyLion this week. (He is sometimes called the “godfather of fintech.”) He noted that MoneyLion’s quick customer growth could be attributed to its popularity among the “I generation,” or those who have always had an iPhone on hand.

That would comprise more of Gen Z than millennials, Suber said, as a fair chunk of millennial users were already in their teens and twenties at the appearance of the iPhone.

“With their PFM app, I’ve never seen consumers interact with a [banking] app like that before,” Suber, who is also a personal investor in MoneyLion, told Bank Innovation. “I think people will be coming here for all kinds of banking activity in the future.”

The MoneyLion audience is different than that of other PFM audiences in that they are engaging with the app “every day,” Suber said, not merely creating a profile and only opening the app on a monthly basis (as users are apt to do with other incumbent banking apps).

While MoneyLion has a “broad” userbase of over two million users, Tim Hong, chief marketing officer for MoneyLion, told Bank Innovation, the app does appear to be focusing more on younger users for certain applications like lending.

The company’s MoneyLion Plus platform, a service the company offers that provides “low-cost” loans as well as credit monitoring, is aimed at growing the first $2,000 in savings that many (young) banking customers lack.

“We’re concentrating on a very specific, very broad customer sect—that near-prime consumer that needs to be build credit,” Hong said, adding that a consumers’ financial position is equally impacted by their borrowing habits as their spending habits. “We have proprietary banking technology; all of the [underwriting] process is our own.”

So far, MoneyLion has facilitated 250,000 loans to its customers, ranging from as low as $500 to as high as $35K, Hong said.

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