MoneyLion To Acquire Even Financial For Up To $440 Mln - Quick Facts

(RTTNews) - Digital financial platform MoneyLion Inc. (ML) announced Thursday that it has agreed to acquire Even Financial Inc., the category-leading embedded finance marketplace, to accelerate its mission of providing financial access and advice to hardworking Americans.

The transaction provides for total consideration to Even's equity holders of up to $440 million, using a convertible financing structure that values MoneyLion at its initial public listing price of $10 per share.

Even's investors include Goldman Sachs, American Express Ventures, SoFi, F-Prime Capital, MassMutual Ventures, LendingClub, Canaan Partners, and GreatPoint Ventures.

Even digitally connects and matches consumers with real-time personalized financial product recommendations from banks, insurance, and fintech companies on mobile apps, websites, and other consumer touchpoints through its marketplace technology.

The acquisition strengthens MoneyLion's platform by improving consumers' abilities to find and access the right financial products to help them manage their financial lives. It also expands MoneyLion's addressable market, extends the reach of its own products, diversifies its revenue mix, and furthers MoneyLion's ambition to be the premier financial super app for hardworking Americans.

The acquisition is expected to be accretive to MoneyLion's earnings with Even expected to add $90 million of revenue and positive EBITDA in 2022, excluding synergies. The transaction is expected to close in the first quarter of 2022, subject to regulatory approvals and other customary closing conditions.

Even will continue to operate as an independent subsidiary of MoneyLion, led by Even's current management team. Phillip Rosen will continue in his role as CEO of Even and will join MoneyLion's executive committee.