American mobile banking platform MoneyLion has reached an agreement to be acquired by blank check firm Fusion Acquisition, which would lead to it becoming a publicly listed company.
It is being estimated that the combined enterprise will have enterprise value of $2.4bn.
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MoneyLion’s shareholders will hold a 76% equity in the combined company.
MoneyLion said that the merger will complete in the first half of this year, subject to receipt of all the regulatory and stockholder approvals.
After the merging, Fusion Corp, a special purpose acquisition company (SPAC), will be renamed as MoneyLion Inc.
MoneyLion intends to use the increased net enterprise value to improve its working Capital, digital platform, and other products suite.
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By GlobalDataMoneyLion is a data-driven digital financial app that currently serves 7.5 million users and provides banking, savings, loans and investments and other services in its single mobile platform.
Its technology suite includes RoarMoney, Investing, Instacash, Credit Builder Plus.
MoneyLion CEO and co-founder Dee Choubey said: “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.
“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.”
Fusion founder and CEO John James commented: “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.”
In June last year MoneyLion partnered with MetaBank and Mastercard to launch new mobile banking solutions for its consumers.
