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Mission Lane Acquires Honeydue to Expand Debit and Digital Banking Capabilities

·3 min read

Honeydue provides transparent digital applications and solutions so consumers can better manage their finances

Mission Lane, a purpose-driven financial technology company, today announced the acquisition of Honeydue (incorporated as WalletIQ), a financial technology company providing digital applications and banking services to help consumers manage their finances and develop stronger financial literacy and habits.

Mission Lane provides better products and experiences for people trying to build or rebuild their credit and improve their financial lives. Currently offering a variety of market-leading credit cards and financial tracking tools, Mission Lane will leverage Honeydue’s strong digital banking capabilities to bring additional innovative and transparent financial products, such as debit cards, to consumers.

"Mission Lane and Honeydue share a goal of improving people’s lives by reducing financial stress," said Shane Holdaway, Chief Executive Officer of Mission Lane. "As we experience record growth and explore additional ways to have a positive impact on our customers’ lives, we’re excited to bring in a team of people from Honeydue that have deep experience using technology to make finance more transparent and accessible."

Honeydue has over 500,000 registered users and operated in six countries and in three languages. Through its app, users can open bank accounts and debit cards, as well as keep track of other accounts and bills and share information with other people, such as family members. Honeydue’s banking services have no monthly fees or minimums and offer tracking through the app to foster easy communication between parties.

As part of the acquisition, Eugene Park, Chief Executive Officer and Co-Founder of Honeydue, will join Mission Lane as Head of Product for Mission Money, Mission Lane’s upcoming debit card offering. Park founded Honeydue in 2016 after spending eight years leading engineering and application development at Flixster. He brings deep experience in multi-user management and building award-winning personal finance management tools that are highly rated for their product design and user experience.

"When we founded Honeydue, we wanted to eliminate some of the issues that intimidated people about finance, so we worked to eliminate fees, minimums, and other requirements that caused stress and confusion," said Park. "There is no other company that shares our vision more than Mission Lane, and we are excited to join with them to reach more consumers than ever."

Earlier this year, Mission Lane announced it had added its one millionth customer to its market-leading credit card franchise, just over two years after launching as a standalone company. It also added Krishna Venkatraman as Chief Data Science Officer and Zeenat Sidi as Business Head of Digital Banking & Financial Services to its growing executive team.

About Mission Lane

Mission Lane is a purpose-driven financial services company that leverages advanced technology, data analytics, and machine learning to provide a dignified customer experience to people who are working hard to build or rebuild their credit and improve their financial lives. Mission Lane's credit cards have terms that are better and easier to understand than most of the alternatives available to people with less-than-pristine credit or limited credit history. The company's digital self-service tools also make it easier for customers to stay on top of their accounts, further helping them succeed in improving their credit scores. To date, the company has issued over a million of their best-in-class, mobile-first credit cards, earning top customer ratings on CreditKarma for their market segment. Mission Lane was established as a standalone company in December 2018. It had previously operated as the credit card division of LendUp.

About Honeydue

Honeydue is the top finance platform for couples. founded by Eugene Park and Thien Tran, Honeydue launched out of YCombinator and its mobile apps have been featured nationally by Apple and as Editors' Choice by Google. Over 500,000 members have signed up to collaborate towards financial wellness.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210524005130/en/

Contacts

Sarah Levine, Prosek Partners
slevine@prosek.com
973-219-8694