Gen Digital has agreed to acquire the US-based consumer finance-focused fintech firm MoneyLion in a deal valued at approximately $1bn.
This acquisition aims to bolster Gen’s consumer finance offerings, integrating MoneyLion’s digital ecosystem into its identity solutions.
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MoneyLion’s platform includes credit building and financial management services, enhancing Gen’s “comprehensive financial wellness” offerings.
The acquisition involves Gen Digital paying $82 per share of MoneyLion.
Additionally, MoneyLion shareholders will receive one contingent value right per share, entitling them to $23 in Gen Digital common shares, contingent on Gen Digital’s future stock performance.
MoneyLion’s platform serves over 18 million customers, expanding Gen’s top funnel for credit and identity protection.
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By GlobalDataGen will also acquire a B2B2C white-labeled artificial intelligence recommendation platform, which can be leveraged and enhanced by Gen’s consumer base.
Gen CEO Vincent Pilette said: “Gen has a family of consumer brands that’s dedicated to protecting people’s privacy, identity and financial assets so they can live their digital lives securely and without worry.
“By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we are extending our capabilities to enable people to better manage and grow their financial wealth.”
MoneyLion co-founder and CEO Dee Choubey said: “We will deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers.
“Together, we will create unmatched consumer value, combining innovative fintech products and experiences with Gen’s trusted network to empower smarter financial decisions and secure people’s digital and financial lives.”
In the third quarter of 2024, MoneyLion reported record revenue of $135m, marking a 23% increase year-over-year, and an adjusted EBITDA of $24m.
However, MoneyLion recorded a net loss of $2.8m for the third quarter, an improvement from the $4.1m during the same period in 2023.
For the full year of 2024, MoneyLion expects revenue between $536m and $541m.
The acquisition is subject to customary closing conditions and is expected to close in the first half of Gen’s fiscal year 2026.
