MoneyLion Inc., a neo-bank Fintech that reports over 2.8 users and an annualized net revenue run-rate of over $150 million, will commence trading on the New York Stock Exchange tomorrow (September 23, 2021) as the SPAC deal is approved. Following a special meeting yesterday of Fusion Acquisition Corp. the deal was certified and shares of MoneyLion will trade under the ticker ML.
Dee Choubey, co-founder and CEO of MoneyLion, said this was an incredible milestone for his company:
“Taking this step to become a public company provides us with an incredibly strong balance sheet to accelerate our mission of using our digital financial platform to rewire the banking system and help more people take control of their finances and achieve their life goals. We are grateful for the support from our global team, our investors and everyone who helped us reach this moment, and we are excited for the future ahead.”
As was previously reported, the MoneyLion deal has a valuation of around $2.4 billion. The combination is expected to provide approximately $450 million in cash to the Fintech thus providing a fair amount of growth capital.
John James, CEO of Fusion, stated:
“The MoneyLion team has positioned the business extremely well for future scale, and this transaction provides them with ample growth capital to expand their already broad suite of products and services, both organically as well as through strategic acquisitions. We look forward to partnering with Dee and his talented management team during their next phase of growth.”
MoneyLion’s new board of directors will be comprised of ten directors, nine of whom are independent directors. Non-executive Chairman John Chrystal, vice chairman of The Bancorp, Inc., will lead the Board with MoneyLion’s directors including former Ambassador Dwight Bush Sr., Greg DePetris, Matt Derella, Jeff Gary, Lisa Gersh, Annette Nazareth, former SEC Commissioner, Michael Paull, and Chris Sugden. The current management team will remain in place.
MoneyLion offers many banking services in a digital environment in partnership with MetaBank and investing with DriveWealth, LLC. MoneyLion also offers crypto, powered by Zero Hash, a key offering for younger consumers.