MoneyLion uses Evolve Bank & Trust as its banking partner

MoneyLion is a financial app, not a bank itself. When you open a MoneyLion account, the actual bank holding your money is Evolve Bank & Trust, a bank chartered in Mississippi. Evolve is the institution that holds your deposits, processes your transactions, and provides FDIC insurance protection up to $250,000 per account holder.

This setup is common among financial apps and fintech companies. MoneyLion handles the user interface, customer service, and features you see on your phone or computer. Evolve handles the banking infrastructure behind the scenes — the vault, the routing numbers, the connections to the payment system. When you transfer money in or out of MoneyLion, you are moving money through Evolve's systems.

Your deposits at Evolve Bank & Trust are insured by the FDIC, the same federal insurance that protects accounts at traditional banks. This means if Evolve fails, your money up to $250,000 is protected. MoneyLion cannot access your funds or use them for its own operations.

Key Takeaways

  • Evolve Bank & Trust is the actual bank behind MoneyLion accounts, holding your deposits and processing transactions.
  • Your money is FDIC-insured up to $250,000 through Evolve, the same protection offered by traditional banks.
  • MoneyLion is the app and service layer; Evolve is the banking infrastructure that makes deposits and transfers possible.
  • When you move money into or out of MoneyLion, you are using Evolve's routing numbers and banking connections.

How the MoneyLion and Evolve relationship works

MoneyLion is a licensed money services business, not a bank. It partners with Evolve to offer checking and savings accounts under the MoneyLion brand. You see MoneyLion's name and interface, but Evolve is the chartered bank that holds the account and manages the money.

This partnership means MoneyLion can offer banking features — debit cards, transfers, direct deposit — without the cost and complexity of becoming a bank itself. Evolve handles regulatory compliance, security, and the core banking operations. MoneyLion handles product design, the app experience, and customer support.

When you deposit money into your MoneyLion account, it goes into an account at Evolve Bank & Trust. Your debit card is issued by Evolve. Your routing and account numbers come from Evolve. The FDIC insurance protecting your account is Evolve's insurance, not MoneyLion's.

What this means for your account security and access

Because Evolve is a real bank with federal oversight, your account has the same protections as a traditional bank account. Evolve is regulated by the Office of the Comptroller of the Currency (OCC) and must follow banking laws around security, fraud prevention, and deposit insurance.

If MoneyLion shuts down or stops operating, your money does not disappear. Evolve continues to hold your account, and you can access it directly through Evolve or transfer it to another bank. Your deposits remain insured and accessible.

The security of your account depends on both MoneyLion and Evolve. MoneyLion secures the app and your login credentials. Evolve secures the banking infrastructure and the actual movement of money. If your MoneyLion account is compromised, you have the same fraud protections as any bank account — you can dispute unauthorized transactions and recover your money within the standard timeframe.

How to verify Evolve is your bank

You can confirm Evolve Bank & Trust is holding your account by looking at your account details in the MoneyLion app. Your routing number will be Evolve's routing number (9200002174 for ACH transfers). Your account statements will show Evolve Bank & Trust as the institution.

If you set up direct deposit, your employer's payroll system will ask for your routing and account number. These come from Evolve. If you transfer money from another bank, you are sending it to an Evolve account number.

You can also call Evolve Bank & Trust directly at their customer service line to verify your account exists and is insured. Evolve's FDIC certificate number is 57882, which you can look up on the FDIC's bank search tool at banks.data.fdic.gov.

What happens if you need to move your money

If you decide to close your MoneyLion account, you can transfer your money to another bank using a standard ACH transfer. You initiate the transfer through MoneyLion, provide your destination bank's routing and account number, and the money moves from Evolve to your new bank within one to three business days.

You can also withdraw cash at ATMs using your MoneyLion debit card, then deposit it at another bank. Or you can request a check from MoneyLion, though this is slower than an electronic transfer.

If MoneyLion closes but Evolve continues operating, you can contact Evolve directly to access your account. Evolve will provide you with account statements and help you move your money to another institution.

FDIC insurance limits and how they work

Your MoneyLion account is insured up to $250,000 per account holder, per bank, per ownership category. This means if you have $300,000 in your MoneyLion account at Evolve, the first $250,000 is insured and the remaining $50,000 is not.

If you have multiple accounts at Evolve under different ownership categories — for example, an individual account and a joint account with your spouse — each is insured separately up to $250,000. But if you have two individual accounts at Evolve (one through MoneyLion and one directly), they are combined for insurance purposes and only $250,000 total is covered.

FDIC insurance covers deposits only, not investments. If MoneyLion offers investment products or cryptocurrency, those are not covered by FDIC insurance. Check your account type and what products you hold to understand what is and is not protected.

Frequently Asked Questions

Is my money safe at MoneyLion if the company goes out of business?

Yes. Your money is held by Evolve Bank & Trust, not by MoneyLion. If MoneyLion closes, Evolve continues to hold your account and your deposits remain FDIC-insured. You can access your money directly through Evolve or transfer it to another bank.

Can MoneyLion use my deposits for its own business?

No. MoneyLion does not hold your money — Evolve does. MoneyLion is a service layer on top of Evolve's banking infrastructure. Your deposits belong to you and are held in trust at Evolve.

What is the routing number for MoneyLion transfers?

The routing number for MoneyLion accounts is Evolve Bank & Trust's routing number: 9200002174. This is the number you use for direct deposit, ACH transfers, and wire transfers. You can also find it in your MoneyLion app under account details.

Does MoneyLion offer the same FDIC protection as a regular bank?

Yes. Because your account is held at Evolve Bank & Trust, a federally chartered bank, your deposits are insured by the FDIC up to $250,000 per account holder. This is the same protection offered by traditional banks.

Can I access my MoneyLion account directly through Evolve?

Normally you access your account through the MoneyLion app. If MoneyLion is unavailable or you close your MoneyLion account, you can contact Evolve Bank & Trust directly to access your account and move your money. Evolve will provide account statements and help you transfer funds.