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Fueling Victory: Inside the Partnership of 23XI Racing and MoneyLion

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One of several primary sponsors currently aligned with 23XI Racing, MoneyLion couldn’t be more pleased to partner with the organization co-owned by NBA legend Michael Jordan and three-time Daytona 500 winner Denny Hamlin.

Not only is 23XI Racing giving the MoneyLion brand positive exposure through its on-track success, which includes the two-car team placing drivers Bubba Wallace and Tyler Reddick in the NASCAR Cup Series playoffs, but 23XI echoes the core values of MoneyLion – a leader in financial technology powering the next generation of personalized products and content, with a top consumer finance mobile app that isn’t just an app but a holistic financial ecosystem designed to empower, educate and elevate users toward their financial aspirations.

Specifically, MoneyLion offers a three-pronged approach to money management focused on providing premium financial products, tips for guided financial decision making, and a community for collective growth where like-minded people – all striving toward enriched financial well-being – come together. This collective approach fosters a shared learning experience, motivation and support.

“Our aim is to position MoneyLion as the go-to money app for NASCAR fans,” MoneyLion chief marketing officer Cynthia Kleinbaum Milner said. “We’re keen on cultivating a vibrant community of 23XI enthusiasts who aren’t just passionate about racing but also aspire to elevate their financial trajectories. This community is about mutual encouragement, where fans rally behind one another toward achieving financial freedom.

“By empowering fans to achieve this freedom, we’re not just helping them navigate their finances but truly enabling them to pursue the life they’ve always envisioned. Our partnership with 23XI Racing amplifies this mission, integrating the thrill of the race with the journey toward financial autonomy and happiness.”

MoneyLion, which first joined forces with 23XI Racing last season, is a primary sponsor on both the No. 23 Toyota of Wallace and the No. 45 Toyota of first-year teammate Reddick.

“We sought a brand that personified inclusivity, had a zeal for conquering challenges and truly celebrated individual spirit and determination. 23XI Racing, with the formidable sports business prowess of co-owners Michael Jordan and Denny Hamlin, encapsulates these principles,” Kleinbaum Milner said. “The unparalleled skill and passion of drivers Bubba Wallace and Tyler Reddick, coupled with the unwavering commitment from both the crew on the track and the partnership staff, confirmed our belief. This is a team that not only shares our ethos but also consistently strives and delivers exceptional results for their partners.”

What does it mean to 23XI Racing to have MoneyLion represented on not one but both team cars?

“It means that they believe in 23XI, right?” 23XI Racing president Steve Lauletta said. “So, that means the race team and the reach that we have with all of our assets, and that includes the drivers. We try to build solutions with all of the levers we can push and pull as a race team and then learn as much as possible about their business at MoneyLion, and our other partners, so that we can apply that in a way that we think will break through and get people excited.”

Wallace and Reddick – two of NASCAR’s most talented, promising young drivers – have both been to Victory Lane since MoneyLion joined 23XI Racing’s sponsorship lineup at the beginning of 2022. Ditto for Kurt Busch, the driver the 23XI’s No. 45 Toyota prior to stepping aside with an injury last summer.

“Since the inception of our partnership with 23XI Racing, we’ve been genuinely elated with the trajectory of success we’ve observed,” Kleinbaum Milner said. “Joining hands with such a dynamic racing team and being an integral part of multiple victories has undoubtedly been exhilarating. Beyond the thrill of the race track, what truly stands out is the marked surge in brand awareness and the exponential growth we’ve witnessed on our social media channels as a direct result of this alliance. …

“As we gear up for 2024, our ambition is clear: to craft the most fruitful season yet for both MoneyLion and 23XI Racing. The journey thus far has been incredibly rewarding, and the road ahead looks even more promising.”

The benefits of the MoneyLion/23XI Racing partnership are certainly mutual, as the sponsor’s support of the racing team and its drivers goes far beyond traditional sponsorship dollars.

For example, back in August, MoneyLion made a substantial monetary contribution to the Boys & Girls Club of America in Statesville, North Carolina, to help cover the cost of backpacks and supplies for children returning to school. The donation was part of a school supply dropoff initiative spearheaded by Wallace’s The Live to Be Different Foundation and 23XI Racing.

Earlier in the year, MoneyLion launched a new “Hot Pass” platform that offers NASCAR fans and MoneyLion users exclusive access to cash prizes, 23XI driver autographs, 23XI driver meet & greets, custom-designed merchandise, race tickets, race-used items, pre-race pit passes and more.

In June 2022, as gas prices soared nationwide, MoneyLion announced a program giving two weekly winners $500 to cover a month’s worth of gas purchases. When Wallace went to Victory Lane in the Cup Series race at Kansas Speedway in September of last year, one of those weekly winners – who was featured on Wallace’s car – earned an additional $10,000.

“That’s what I appreciate about MoneyLion – they’re always open to doing different things and trying different things and finding the ones we should enhance and continue,” Lauletta said. “And if something doesn’t work, great, we learned something at least, and we can move on and do something different. That’s pretty special in a partner.”

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Jared Turner

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