Mobile banking platform MoneyLion is joining the Spac frenzy, inking a deal with blank-cheque firm Fusion Acquisition Corp to go public in a $2.9 billion deal.
MoneyLion says the combined company will have an enterprise value of $2.4 billion, with over $500 million in cash to fund growth.
Founded in 2013, MoneyLion claims six million members for its app, which includes a bank account, an investing tool, the ability to get salary advances, credit score building help, and advice on how to manage money.
The firm says it want to go public to accelerate customer acquisition as it targets the “100 million middle-class Americans who are currently disadvantaged by a system not built for their needs” with its data-drive approach.
Dee Choubey, CEO, MoneyLion, says: “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.”
Spacs (special purpose acquisition companies) have become a popular vehicle in recent months for US fintech firms looking to go public. Earlier today, Opportunity Financial said it was taking the Spac route, joining Payoneer, SoFi and BillTrust.