The financial planning technology developer has been bought by MoneyLion just over a year after raising money from NFP Global.

NFP Ventures, the corporate venturing arm of insurance broker NFP Global, has exited US-based financial planning technology developer Wealth Technologies (WTI) in an acquisition of undisclosed size by mobile banking platform provider MoneyLion.

Founded in 2016, WTI has developed a software platform that enables customers to access personalised financial planning guidance. It can inform financial decisions such as the management of expenses, investment allocation and choosing insurance products.

MoneyLion will incorporate WTI’s financial advice system into its own mobile platform and has appointed Rohit D’Souza, co-founder of WTI, chairman of its board of directors. NFP Ventures had made a strategic investment of undisclosed size in WTI in February 2020.

Dee Choubey co-founder and CEO of MoneyLion, said: “Our acquisition of WTI adds significant new capabilities to MoneyLion by enhancing our suite of financial tools with precision-guided financial advice to help our members see the interconnectivity of short- and long-term financial decisions across their entire financial portfolio.”