NEW YORK: MoneyLion Inc. (NYSE: ML) has completed its acquisition of Even Financial Inc., the category-leading embedded finance marketplace.
“With this transaction, we have combined MoneyLion’s powerful first-party products and open architecture marketplace with Even’s dynamic recommendation engine and expanding partner network to broaden the range of products and services within the MoneyLion platform,” said Dee Choubey, co-founder and CEO of MoneyLion.
“In doing so, we have enhanced our product leadership to position MoneyLion as a ‘must have’ consumer finance product for hard-working Americans. Together, MoneyLion and Even will improve existing consumers’ financial lives and expand our aperture to service a new segment of consumers. Together with our current capabilities, we are well positioned to advance our leading position in hyper-personalized lifestyle content and financial recommendations.”
The acquisition increases MoneyLion’s distribution capabilities, diversifies its revenue composition and is expected to be accretive to MoneyLion’s earnings, with Even expected to add positive EBITDA in 2022, excluding synergies.
Phillip Rosen, founder and CEO of Even commented, “At Even, our vision has always been to revolutionize how consumers receive recommendations for financial services. Through a combination of machine learning expertise and our trusted user experience, Even has helped over 400 financial institution partners find and connect with consumers.
Going forward, we are excited to play an integral role in powering MoneyLion’s fast-growing Marketplace and offer MoneyLion’s suite of products to our channel partners.”
MoneyLion and Even have completed the first phase of their product integration, with over 60 solutions providers from Even’s network now represented in MoneyLion’s Marketplace across personal loans, life insurance, auto insurance, homeownership and other services.
Even will continue to operate as an independent subsidiary of MoneyLion, led by Even’s current management team. Phillip Rosen will continue in his role as CEO of Even and will join MoneyLion’s executive committee.
Evercore served as financial advisor and Davis Polk & Wardwell LLP as legal advisor to MoneyLion. Broadhaven served as financial advisor and Goodwin Procter LLP as legal advisor to Even.
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