Exhibit 99.1
MoneyLion to Acquire Even Financial, Expanding Distribution Network and Enhancing Consumers Financial Access and Decision Making
Evens embedded finance marketplace and infrastructure provide MoneyLion with best-in-class distribution capabilities and a growing network of over 900 partners
Acquisition expected to be accretive to MoneyLions 2022 earnings
NEW YORK, NY, December 16, 2021 MoneyLion Inc. (MoneyLion) (NYSE: ML), the award-winning digital financial platform, announced today that it has agreed to acquire Even Financial Inc. (Even), 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 Evens 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. Evens investors include Goldman Sachs, American Express Ventures, SoFi, F-Prime Capital, MassMutual Ventures, LendingClub, Canaan Partners, and GreatPoint Ventures.
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. Evens infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial institutions and channel partners via its industry-leading API and embedded finance marketplaces.
The acquisition strengthens MoneyLions platform by improving consumers abilities to find and access the right financial products to help them manage their financial lives. Evens growing network includes over 400 financial institution partners and 500 channel partners, covering a breadth of financial services including loans, credit cards, mortgages, savings, and insurance products. The acquisition also expands MoneyLions addressable market, extends the reach of its own products, diversifies its revenue mix, and furthers MoneyLions ambition to be the premier financial super app for hardworking Americans.
The strategic benefits of the acquisition include:
| - | Expanding MoneyLions target addressable market leveraging Evens scalable embedded marketplace infrastructure, to tap into the rapidly growing $230 billion embedded finance industry (1) |
| - | Increasing MoneyLions distribution capabilities across Evens growing network of over 500 channel partners |