Team Penske Close To Deal With Financial Startup MoneyLion (Update)

Roger Penske put together another Business-To-Business deal

UPDATE This rumor is upgraded to 'fact' today. MoneyLion, America’s most powerful and rewarding financial membership, announces its partnership with one of the preeminent teams in one of America’s most thrilling sports: Team Penske in the NASCAR XFINITY Series.

Roaring into the Las Vegas Motor Speedway on Saturday, September 15th, MoneyLion will serve as the primary sponsor of Team Penske’s No. 22 Ford Mustang, piloted by Austin Cindric, followed by three additional races through the remainder of the 2018 season.

MoneyLion enters a powerful alliance with Team Penske, one of the most successful teams in motorsports, as the first major fintech company to partner with a team. MoneyLion launched in 2013 and has 3 million members and has earned its customers trust with a one-of-a-kind rewards program, no-fee checking account, overdraft protection, and loans funded in 15 seconds. MoneyLion will be introducing new banking and investment capabilities over the coming months.

“Team Penske has an incredible record of success on the track, and as one of the most promising drivers in NASCAR, Austin Cindric is a great match for MoneyLion," said Dee Choubey, CEO and co-founder of MoneyLion. “He and his entire team at Penske inspire fans and illustrate the power of dreaming big to achieve your goals. At MoneyLion, we aim to inspire people to take control of their finances to achieve their dreams- and we’re excited to introduce our products to NASCAR fans across the nation."

Team Penske’s No. 22 XFINITY Series team has won the Owners’ Championship in four of the last five seasons and currently sits first in the Owners’ Points standings with one race remaining before the start of the XFINITY Series playoffs. The team has earned six victories and six poles in 2018 with drivers Joey Logano, Brad Keselowski, Ryan Blaney and Cindric.

“We are excited to form this new partnership with MoneyLion and to welcome an established brand in the fintech category to the NASCAR arena with Team Penske," said Roger Penske. “We appreciate the opportunity to work with a company that recognizes the potential to grow in motorsports and wants to connect with our great NASCAR fans. Our team will be working hard to deliver success for MoneyLion, both on and off the track."

After Las Vegas, fans will continue to see MoneyLion as the primary sponsor of the No. 22 Ford Mustang at Richmond, Charlotte and in November at the season finale at Homestead. Cindric, the 20-year-old rookie, will compete in the No. 22 for the final eight races of the season.

09/13/18 Team Penske is close to announcing a new corporate partnership with financial technology startup MoneyLion, according to sources.

The exact terms of the deal and which cars MoneyLion will be associated with across Penske’s operations in NASCAR and IndyCar, among other series, was unclear.

Sources said that an announcement could happen as soon as this week.

MoneyLion also is eyeing deals with other stakeholders in motorsports including tracks.

The company, founded in ’13 and backed by venture capital firms including Fintech Collective and Broadhaven Capital Partners, has apps involved in the online lending and personal financial management spaces. It was unclear if MoneyLion is working with an agency on the deal. Adam Stern/SBD