Customer brief

Next-generation banking platform

Introduction

MoneyLion is a leading financial technology company powering the next generation of personalized financial products and content, with a top consumer finance mobile app, and a premier embedded finance enterprise platform. Moneylion’s mission is to give everyone the power to make their best financial decisions, powered by its innovative financial solutions, including:

  • Mobile banking, including spending, saving, and credit-tracking tools.
  • Integrated consumer services, including payroll advance, earned wage access and investing.
  • Financial product marketplace offering 3-party solutions, including lending products, credit cards, insurance offerings and more.

Challenges

As MoneyLion aims to usher in a new era of innovative banking, it’s met with the challenge of creating a system that can both fully integrate across its entire line of products and meet strict regulatory requirements.

The MoneyLion engineering team determined that for some of their products, the architecture would be a colossus feat, requiring an event-based system that can deliver integration and auditability for federal regulatory purposes, as well as domain- based partitioning and open-ended scalability for its growing product line and user base.

Solutions

Over the past couple of years, MoneyLion deployed Axon in two use cases: banking and payments.

Banking

The banking team leverages Axon to manage various banking-related services such as:

  • Bank account management
  • Physical card management
  • Direct deposit switch service
  • Transaction aggregation
  • Payment service
  • Cheque processing service
  • Account statement service
  • External authentication for surfacing account information

Payment

The Payments team utilizes Axon to manage all internal and external fund transfers.

  • Internally, this refers to fund transfers initiated by MoneyLion to facilitate membership fees, loan or other product repayments, or loan disbursement.
  • Externally, this refers to fund transfers initiated by their customers. These fund transfers may involve debiting or crediting their customers using various payment methods such as ACH, Debit Card, or Demand Deposit Account.

Technology

These use cases have used the Axon stack in combination with the following providers and their specific solutions:

  • Amazon Web Services (AWS)
    • Elastic Kubernetes Service (EKS)
    • Relational Database Services (RDS)
    • Simple Queue Services (SQS)
    • Secret Manager
    • Lambda
  • Axon Framework and Axon Server
  • DataDog, Redis, Flyway, Dynamod
Transitioning to an Event-Driven Architecture and implementing event sourcing can be challenging, but the Axon Framework made it seamless. With its powerful, ready-to-use solutions, Axon (Framework and Server) reduced our workload with hundreds of hours of development, allowing us to concentrate on developing our core features. This streamlined approach has empowered our team to innovate faster and deliver exceptional results."
- Sachin Singh Yadav, Lead Engineer @ Moneylion

Benefits

MoneyLion achieved scalability, flexibility, auditability, and high availability using Axon in combination with these other technology suppliers to build the foundation for its microservices design. MoneyLion identified the following benefits per use case:

Banking

  • Auditability of each workflow
  • Replayability for disaster recovery
  • Loosely coupled services

Payment

  • Auditability of state changes for free. This is crucial for fund movement.
  • The ability to replay past events enables them to derive future read models since they cannot always anticipate the specific read models in advance.
  • Simplified the handling of distributed transactions thatspan multiple contexts in payment processing.

Country

United States

Use case

Digital Financial Services

Industry

Financial Technology

Company size

500+ employees

Related content