Acquisition Expands MoneyLion’s Distribution
Network, Accelerating MoneyLion’s Mission of Providing Financial
Access and Advice to Hard-working Americans
Acquisition Expected to be Accretive to
MoneyLion’s 2022 Earnings
MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the award-winning
digital financial platform, has completed its acquisition of Even
Financial Inc. (“Even”), the category-leading embedded finance
marketplace. 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
through Even’s network, spanning over 400 financial institution
partners and 500 channel partners and covering a breadth of
financial services including loans, credit cards, mortgages,
savings and insurance products.
The acquisition increases MoneyLion’s distribution capabilities,
diversifies its revenue composition and is expected to be accretive
to MoneyLion’s earnings, with Even expected to add positive EBITDA
in 2022, excluding synergies.
“With this transaction, we have combined MoneyLion’s powerful
first-party products and open architecture marketplace with Even’s
dynamic recommendation engine and expanding partner network to
broaden the range of products and services within the MoneyLion
platform,” said Dee Choubey, co-founder and CEO of MoneyLion. “In
doing so, we have enhanced our product leadership to position
MoneyLion as a ‘must have’ consumer finance product for
hard-working Americans. Together, MoneyLion and Even will improve
existing consumers’ financial lives and expand our aperture to
service a new segment of consumers. Together with our current
capabilities, we are well positioned to advance our leading
position in hyper-personalized lifestyle content and financial
recommendations.”
Phillip Rosen, founder and CEO of Even commented, “At Even, our
vision has always been to revolutionize how consumers receive
recommendations for financial services. Through a combination of
machine learning expertise and our trusted user experience, Even
has helped over 400 financial institution partners find and connect
with consumers. Going forward, we are excited to play an integral
role in powering MoneyLion’s fast-growing Marketplace and offer
MoneyLion’s suite of products to our channel partners.”
MoneyLion and Even have completed the first phase of their
product integration, with over 60 solutions providers from Even’s
network now represented in MoneyLion’s Marketplace across personal
loans, life insurance, auto insurance, homeownership and other
services.
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.
Evercore served as financial advisor and Davis Polk &
Wardwell LLP as legal advisor to MoneyLion. Broadhaven served as
financial advisor and Goodwin Procter LLP as legal advisor to
Even.
For additional information about the acquisition, please review
the investor presentation.
About MoneyLion
MoneyLion is a mobile banking and financial membership platform
that empowers people to take control of their finances. Since its
launch in 2013, MoneyLion has engaged with millions of hard-working
Americans and has earned its members’ trust by building a
full-service digital platform to deliver mobile banking, lending,
and investment solutions. From a single app, members can get a
360-degree snapshot of their finances and have access to
personalized tools, content and offers designed to improve their
financial lives. MoneyLion is headquartered in New York City, with
offices in Sioux Falls and Kuala Lumpur, Malaysia. MoneyLion has
achieved various awards of recognition including the 2020 Forbes
FinTech 50, Aite Group Best Digital Wealth Management Multiproduct
Offering, Finovate Award for Best Digital Bank 2019, Benzinga
FinTech Awards winner for Innovation in Personal Finance 2019 and
the Webby Awards 2019 People’s Voice Award.
For more information about the company, visit www.moneylion.com.
For investor information and updates, visit
www.moneylion.com/investors and follow @MoneyLionIR on Twitter.
About Even Financial
Founded in 2014, 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.
Even's infrastructure leverages machine learning and advanced data
science to solve a significant pain point in financial services
customer acquisition, seamlessly bridging financial services
providers (such as SoFi) and channel partners (such as TransUnion)
via its industry-leading API and embedded finance marketplaces.
Even enables any company to add financial products to their
business, with full compliance and security at scale. Even was
named one of "America's Best Startup Employers'' by Forbes for 2021
and placed in the Top 50 of the 2020 Deloitte Technology Fast 500,
which recognizes the fastest growing tech companies in the world.
Learn more at www.evenfinancial.com.
Forward-Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “estimate,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target” or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of financial and
performance metrics and expectations and timing related to
potential benefits, terms and timing of the transaction. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of MoneyLion’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of MoneyLion. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; the inability of
the parties to successfully or timely consummate the proposed
transaction, including the risk that any required regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the proposed transaction;
failure to realize the anticipated benefits of the proposed
transaction; risks relating to the uncertainty of the projected
financial information with respect to MoneyLion; future global,
regional or local economic and market conditions; the development,
effects and enforcement of laws and regulations; MoneyLion’s
ability to manage future growth; MoneyLion’s ability to develop new
products and solutions, bring them to market in a timely manner,
and make enhancements to its platform; the effects of competition
on MoneyLion’s future business; or, the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that MoneyLion presently knows or that MoneyLion
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect
MoneyLion’s expectations, plans or forecasts of future events and
views as of the date of this press release. MoneyLion anticipates
that subsequent events and developments will cause its assessments
to change. However, while MoneyLion may elect to update these
forward-looking statements at some point in the future, MoneyLion
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing MoneyLion’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220217005792/en/
Cody Slach, Alex Kovtun Gateway Investor Relations (949)
574-3860 ML@gatewayir.com
MoneyLion Communications pr@moneylion.com
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