Digital finance platform MoneyLion Inc. will acquire B2B FinTech Even Financial Inc. as part of a deal worth $360 million to $440 million, according to a Thursday (Dec. 16) press release.
Using a convertible financing structure that values MoneyLion at its initial public offering (IPO) price of $10 per share, the company will provide an upfront payment of $360 million for the Even Financial acquisition. The additional $80 million could be paid if Even Financial meets revenue targets, according to the announcement.
The transaction is expected to close in the first quarter of 2022.
Even will continue to operate as an independent subsidiary of MoneyLion, led by the company’s existing management team, according to the announcement.
Phillip Rosen will continue as Even CEO and will join MoneyLion’s executive committee.
Even will collaborate with MoneyLion to expedite the technology roadmap for its financial marketplace, as well as offer MoneyLion products to Even’s channel partners interested in expanding their offerings.
The acquisition helps to bolster MoneyLion’s platform and connects the company to Even’s network of more than 400 financial institution partners and 500 channel partners, according to the announcement.
“Even has revolutionized how consumers receive recommendations for financial services,” said Dee Choubey, MoneyLion co-founder and CEO. “Combining Even’s best-in-class recommendation engine with MoneyLion’s powerful first-party products and open architecture marketplace expands the range of products and services available within our platform, while delivering a new distribution channel for Even’s financial partners.”
The acquisition follows MoneyLion’s merger in September with blank-check company Fusion.
Related: MoneyLion to Start Trading After SPAC Merger
Prior to going public in September, MoneyLion rolled out cryptocurrency buying and selling for bitcoin and Ethereum within the company’s app. Like the Even Financial acquisition, the launch of crypto buying and selling was part of the company’s goal of driving new initiatives aimed at providing customers with “greater financial access,” Choubey said at the time.
Read more: MoneyLion Intros Crypto Trading with $1M Prize Before IPO
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