MoneyLion merges with Fusion Acquisition Corp. to become a publicly traded company

By Pavithra R

MoneyLion, the provider of leading digital finance platform, has announced entering into a definitive agreement Fusion Acquisition, under which MoneyLion will become a publicly listed company.

MoneyLion leverages technology to empower hard-working Americans to take control of their finances and achieve their life goals. Its data-driven, digital financial platform provides access to a comprehensive suite of products that help members bank, save, invest, borrow, and grow in a single app. Its products include:

• RoarMoney: Modern mobile banking that enables members to get paid up to 2 days early and manage their everyday spending, with no hidden fees, cashback rewards, and robust security controls.
• Investing: Full-featured, automated investing tools with various investment options, including ESG portfolios, helping members to invest in strategies that match their personal preferences. 
• Instacash: Interest-free salary advances with no monthly fees to help members bridge short-term timing gaps in their income. 
• Credit Builder Plus: A program designed to help members build or rebuild their credit. 

“MoneyLion is a digital financial platform on a mission to rewire a broken banking system that applies a one-size-fits-all approach to personal finance. We are using transformative technology to bring the private banking experience to everyone – in a single app. Our platform surrounds each customer with the financial tools, content, and actionable advice relevant to their unique situation. This model is generating high user growth, multiple product engagement, and low cost of acquisition. A public listing enhances our ability to scale more quickly and continue to innovate so that we can help more people take control of their finances and achieve their life goals,” said Dee Choubey, CEO and co-founder of MoneyLion.

Moneylion, besides offering a complementary suite of financial products, provides a new approach to personal finance management with Financial Heartbeat, an intelligent, automated advice platform that guides members on their financial journey. The Company, through its products and personalized advice, is changing the way people think and take control of their money, relieve financial stress and, make financial decisions to achieve both their near- and long-term goals.

“MoneyLion is at the perfect high-growth inflection point that makes accessing public markets a logical next step. This will be the first publicly traded all-in-one digital financial services platform, which in and of itself creates huge scarcity value for the Company. Unlike its peers, MoneyLion has purpose-built its technology and operates a holistic platform with multiple products and revenue streams with strong unit economics. We believe in today’s market there are limited opportunities to invest in high-growth businesses built for profitability like MoneyLion. We look forward to partnering with the Company’s highly experienced team of technologists and financial product experts to accelerate growth post-merger,” said John James, Founder and CEO of Fusion.

Founded in 2013, MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through better products for borrowing, saving, and investing. It uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial product offers.