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MoneyLion acquires embedded finance marketplace Even Financial

MoneyLion, a NY-based financial banking platform provider, announced today it is acquiring embedded finance marketplace Even Financial for $440 million, according to a press release.

The transaction, which is expected to close in the first quarter of 2022, is intended to strengthen MoneyLion’s platform by improving consumers’ ability to find and access the right financial products to help manage their financial lives, according to a press release. 

MoneyLion also says the purchase will expand its addressable market, enable its products to reach more customers and diversify its revenue mix. 

Even’s network currently includes over 400 financial institutions and 500 channel partners, providing a range of financial services including credit card, mortgages, savings and insurance products. Existing investors include notable investors Goldman Sachs, American Express Ventures, SoFi and LendingClub

The Even Financial acquisition will also allow MoneyLion to leverage its AI-driven intelligence layer to match consumers with the right products at the right time, increasing efficiency and growth potential. 

“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,” MoneyLion co-founder and CEO Dee Choubey stated in the release. 

The deal is expected to add $90 million in revenue and positive earnings before interest, taxes, depreciation and amortization (EBITDA). MoneyLion will pay $360 million upfront, with a potential earn-out of $80 million payable through preferred shares subject to meeting achievement of revenue targets. 

MoneyLion recently went public via a $2.9 billion SPAC merger with Fusion in September, generating $500 million in cash during the listing. The company has since acquired digital asset settlement provider Zero Hash and creator network and content platform Malka Media, showing the public company is using that revenue to expand product offerings and reach new consumers.  

Prior to that public listing the company introduced cryptocurrency buying and selling on its app platform; Choubey says that acquisition was also aimed at providing customers with “greater financial access,” according to PYMNTS.

In other recent fintech news, Cross River Bank and Astra announced partnering to launch the first-ever card-to-card debit transfer product. Idaho’s largest credit union, Idaho Central Credit Union, also announced it will allow members to buy and sell bitcoin within its mobile app and online banking platform through an integration with Alkami and NYDIG.

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