MoneyLion Completes Acquisition of Even Financial, the Market Leader in Integrated Finance
NEW YORK–(BUSINESS WIRE)–MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the award-winning digital finance platform, has completed its acquisition of Even Financial Inc. (“Even”), the class-leading integrated finance marketplace. Acquisition strengthens MoneyLion’s platform by improving consumers’ ability to find and access the right financial products to help them manage their financial lives through Even’s network, spanning more than 400 partner financial institutions and 500 partners distribution and covering a wide range of financial services, including loans, credit cards, mortgages, savings products and insurance.
The acquisition increases MoneyLion’s distribution capabilities, diversifies its revenue mix 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 proprietary products and open-architecture marketplace with Even’s dynamic recommendation engine and expanding partner network to expand the range of products and services within the MoneyLion platform.” , said Dee Choubey, co-founder and CEO of ArgentLion. “In doing so, we have strengthened our product leadership to position MoneyLion as a “must-have” consumer credit product for hard-working Americans. Together, MoneyLion and Even will improve the financial lives of existing consumers and expand our reach to serve a new consumer segment. With our current capabilities, we are well positioned to advance our leadership 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 the way consumers receive recommendations for financial services. Through a combination of machine learning expertise and our trusted user experience, Even has helped over 400 partner financial institutions find and connect with consumers. Going forward, we are excited to play a vital role in fueling MoneyLion’s rapidly growing marketplace and offering MoneyLion’s suite of products to our channel partners.
MoneyLion and Even have completed the first phase of their product integration, with more than 60 solution providers from Even’s network now represented in MoneyLion’s marketplace for personal loans, life insurance, auto insurance , home ownership 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 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 more information on the acquisition, please see the Investor Presentation.
MoneyLion is a mobile banking and finance 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 earned the trust of its members by creating a full-service digital platform to provide mobile banking, lending and banking solutions. ‘investment. From a single app, members can get a 360-degree view of their finances and access personalized tools, content, and offers designed to improve their financial lives. MoneyLion is headquartered in New York with offices in Sioux Falls and Kuala Lumpur, Malaysia. MoneyLion has won various recognition awards, including Forbes FinTech 50 2020, Aite Group’s Best Digital Wealth Management Multi-Product 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 connects consumers with real-time, personalized financial product recommendations from banks, insurance and fintech companies on mobile apps, websites and other touchpoints. contact with consumers through its market technology. Even’s infrastructure leverages machine learning and advanced data science to solve a significant problem in customer acquisition in financial services, by seamlessly connecting financial service providers (such as SoFi ) and distribution partners (such as TransUnion) through its state-of-the-art API and integrated financial markets. Even allows any business 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 ranked in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the world’s fastest growing technology companies. Learn more at www.evenfinancial.com.
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 can be identified by the use of words such as that “estimate”, “plan”, “project”, “expect”, “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. Such forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial measures and performance and expectations and timing related to the potential benefits, terms and timing of the transaction.These statements are based on various assumptions, whether or not identified in this com press release, and current expectations of MoneyLion management and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve as, and should not be relied upon by, any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond MoneyLion’s control. 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 parties’ inability to successfully or timely complete the proposed transaction, including the risk that required regulatory approvals may not be obtained, may be delayed, or may be subject to unforeseen conditions that could adversely affect the combined company or the benefits expected from the proposed transaction; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of projected financial information regarding MoneyLion; future global, regional or local economic and market conditions; the development, effects and application of laws and regulations; MoneyLion’s ability to manage future growth; MoneyLion’s ability to develop new products and solutions, bring them to market on a timely basis and make improvements to its platform; the effects of competition on MoneyLion’s future business; or, the outcome of any potential litigation, governmental and regulatory proceeding, inquiry and inquiry. If one of these risks materializes, or if 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 is currently aware of, or that MoneyLion currently believes to be immaterial, which could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect MoneyLion’s expectations, plans or forecasts regarding future events and beliefs as of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its ratings to change. However, although MoneyLion may choose to update these forward-looking statements at some time in the future, MoneyLion expressly disclaims any obligation to do so. These forward-looking statements should not be taken to represent MoneyLion’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.
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