How To Update Phone Number On Moneylion
MoneyLion to Learn Even Fiscal, Expanding Distribution Network and Enhancing Consumers' Financial Access and Conclusion Making
NEW YORK, NY, December sixteen, 2021 -- MoneyLion Inc. ("MoneyLion") (NYSE: ML), the award-winning digital financial platform, announced today that it has agreed to learn Even Financial Inc. ("Even"), the category-leading embedded finance marketplace, to accelerate its mission of providing financial access and advice to hardworking Americans.
The transaction provides for total consideration to Fifty-fifty's disinterestedness holders of up to $440 million, using a convertible financing structure that values MoneyLion at its initial public list price of $ten per share. Even's investors include Goldman Sachs, American Express Ventures, SoFi, F-Prime number Capital letter, MassMutual Ventures, LendingClub, Canaan Partners, and GreatPoint Ventures.
Founded in 2014, Fifty-fifty digitally connects and matches consumers with real-time personalized financial product recommendations from banks, insurance, and fintech companies on mobile apps, websites, and other consumer touchpoints through its marketplace engineering science. Even's infrastructure leverages motorcar learning and advanced information science to solve a meaning pain signal in financial services client acquisition, seamlessly bridging financial institutions and aqueduct partners via its industry-leading API and embedded finance marketplaces.
The acquisition strengthens MoneyLion's platform by improving consumers' abilities to find and access the right fiscal products to help them manage their financial lives. Even'southward growing network includes over 400 financial institution partners and 500 aqueduct partners, covering a latitude of financial services including loans, credit cards, mortgages, savings, and insurance products. The conquering also expands MoneyLion's addressable market, extends the reach of its own products, diversifies its revenue mix, and furthers MoneyLion'southward ambition to be the premier financial super app for hardworking Americans.
The strategic benefits of the conquering include:
- Expanding MoneyLion'southward target addressable market leveraging Even's scalable embedded marketplace infrastructure, to tap into the rapidly growing $230 billion embedded finance industry (1)
- Increasing MoneyLion'due south distribution capabilities across Even's growing network of over 500 channel partners
- Broadening the range of products and services available inside MoneyLion via 400 financial services partners covering a portfolio of consumer purchasing intents, including loans, credit cards, mortgages, savings, and insurance products
- Immediately positioning MoneyLion as a "must have" consumer finance production, leveraging MoneyLion'south AI-driven intelligence layer to match consumers with the right product at the correct time in pursuit of improved financial access and outcomes beyond all FICO segments**
- Accretive to MoneyLion'south earnings with Even expected to add together $90 million of revenue and positive EBITDA in 2022 (excluding synergies)
"Fifty-fifty has revolutionized how consumers receive recommendations for financial services," said Dee Choubey, Co-Founder and CEO of MoneyLion. "Combining Even's best-in-class recommendation engine with MoneyLion's powerful first-party products and open compages market place expands the range of products and services available within our platform, while delivering a new distribution channel for Even's financial partners. Together, nosotros tin can accelerate our mission of providing fiscal access and advice to hardworking Americans, reaching them where they are, and enabling them to make financial progress regardless of where they are in life."
Phillip Rosen, CEO and Founder of Even said, "At Even, our vision is to employ machine learning to reimagine how fiscal institutions observe and connect with consumers, while providing them with a superb and trusted user feel. By integrating Even's powerful infrastructure technology with MoneyLion's platform, we will be able to power their fast-growing Marketplace and provide consumers with the optimal mix of fiscal solutions for their needs, while greatly extending distribution for MoneyLion's suite of products."
Even will continue to operate equally an independent subsidiary of MoneyLion, led past Fifty-fifty'south electric current management squad. Phillip Rosen will keep in his office as CEO of Even and volition join MoneyLion's executive committee. Even will interact with MoneyLion to accelerate the technology roadmap for its financial marketplace, also as offer the full MoneyLion suite of products to Even'southward channel partners looking to broaden their offerings to better see the needs of their customers.
Transaction Details
- MoneyLion will pay a total buy toll of upwardly to $440 million to learn Even, using a convertible financing structure that values MoneyLion at its initial public listing price of $10 per share, comprised of:
- A $360 million upfront payment comprised of $fifteen million in cash and $345 one thousand thousand in preferred shares that are convertible into 34.5 meg MoneyLion common shares at $10 per share
- Subject to the successful accomplishment of sure revenue targets, a potential earn-out of upwardly to $eighty one thousand thousand, payable upward to viii 1000000 in preferred shares valued at $ten per share
- Unconverted preferred shares carry a 3% almanac dividend payable in common equity or cash, at MoneyLion's discretion
- Even employees will be subject to a lock-upwardly of 12 months following closing of the transaction; all other Fifty-fifty shareholders volition be subject to a lock-up until March 22, 2022
- The transaction is expected to be accretive to MoneyLion's 2022 earnings
- The transaction is expected to close in the first quarter of 2022, subject to regulatory approvals and other customary closing conditions
- Evercore is serving as financial advisor and Davis Polk & Wardwell is serving as legal advisor to MoneyLion. Broadhaven is serving as financial advisor and Goodwin Procter is serving every bit legal counselor to Even
Briefing Call
MoneyLion has published a presentation to provide an overview of the acquisition, which is now bachelor on MoneyLion's Investor Relations website at investors.moneylion.com, and direction will hold a conference call and webcast today at 8:30 a.m. ET to discuss the transaction. A live webcast and replay volition exist available hither and on MoneyLion's Investor Relations website. Please dial into the conference 5-10 minutes prior to the offset time and ask for the MoneyLion to Acquire Even Financial conference phone call.
Toll-free dial-in number: (888) 428-7458
International dial-in number: (862) 298-0702
(1) Embedded finance revenue forecast in 2025 based on Light Yr Capital Markets estimates
About MoneyLion
MoneyLion is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with nine.4 million hard-working Americans and has earned its members' trust by building a total-service digital platform to deliver mobile cyberbanking, lending, and investment solutions. From a single app, members can get a 360-caste snapshot of their financial lives and take access to personalized tips and tools to build and amend their credit and achieve everyday savings. MoneyLion is headquartered in New York Metropolis, with offices in Sioux Falls and Kuala Lumpur, Malaysia. MoneyLion has accomplished various awards of recognition including the 2020 Forbes FinTech 50, Aite Group Best Digital Wealth Management Multiproduct Offering, Finovate Award for Best Digital Bank 2019, Benzinga FinTech Awards winner for Innovation in Personal Finance 2019 and the Webby Awards 2019 People'south Voice Award.
For more than information about the company, visit world wide web.moneylion.com. For investor information and updates, visit www.moneylion.com/investors and follow @MoneyLionIR on Twitter.
About Even Fiscal
Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions detect and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Fifty-fifty seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its elementary nevertheless robust API and embeddable solutions. Fifty-fifty turns whatever consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at calibration. Fifty-fifty was named i of "America's Best Startup Employers'' by Forbes for 2021 and placed in the Acme 50 of the 2020 Deloitte Engineering Fast 500, which recognizes the fastest growing tech companies in the world. The visitor is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, F-Prime Capital letter, GreatPoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.
Forward-Looking Statements
The information in this printing release includes "forrad-looking statements" within the significant of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the utilize of words such as "approximate," "programme," "project," "forecast," "intend," "volition," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and operation metrics and expectations and timing related to potential benefits, terms and timing of the transaction. These statements are based on diverse assumptions, whether or not identified in this press release, and on the current expectations of MoneyLion'south management and are non predictions of bodily functioning. These frontwards-looking statements are provided for illustrative purposes only and are non intended to serve as, and must non be relied on by whatever investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Bodily events and circumstances are difficult or impossible to predict and will differ from assumptions. Many bodily events and circumstances are beyond the control of MoneyLion. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business organization, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the hazard that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated atmospheric condition that could adversely impact the combined company or the expected benefits of the proposed transaction; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected fiscal information with respect to MoneyLion; future global, regional or local economic and market conditions; the evolution, furnishings and enforcement of laws and regulations; MoneyLion'due south power to manage future growth; MoneyLion'southward power to develop new products and solutions, bring them to market in a timely manner, and make enhancements to its platform; the furnishings of competition on MoneyLion'south future business concern; or, the outcome of whatsoever potential litigation, government and regulatory proceedings, investigations and inquiries. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results unsaid by these forrad-looking statements. There may be additional risks that MoneyLion presently knows or that MoneyLion currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In improver, forward-looking statements reflect MoneyLion's expectations, plans or forecasts of future events and views equally of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its assessments to change. Notwithstanding, while MoneyLion may elect to update these forwards-looking statements at some betoken in the future, MoneyLion specifically disclaims any obligation to practice and so. These frontwards-looking statements should not be relied upon as representing MoneyLion's assessments as of whatever date subsequent to the engagement of this press release. Accordingly, undue reliance should non exist placed upon the forrard-looking statements.
Contacts
Cody Slach, Alex Kovtun
Gateway Investor Relations
(949) 574-3860
ML@gatewayir.com
MoneyLion Communications
pr@moneylion.com
The original version of this press release can be found at investors.moneylion.com
Disclaimer: The textile provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial production or service to your unique circumstances. For specific advice about your unique circumstances, y'all may wish to consult a qualified professional person. Any information or statistical data sourced past Even Financial through hyperlinks, from tertiary-political party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does non endorse or guarantee any tertiary-political party content.
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Even
Even Financial Adds Tally'southward Low-Interest Line of Credit to its Embedded Finance Market
New York, New York - March 15, 2022 - Even Financial ("Even"), the category-leading embedded finance marketplace and independently managed subsidiary of MoneyLion, Inc. (NYSE: ML), has announced a new partnership with Tally, a leading financial automation company, to include the company'southward low-interest credit offerings on its platform. "Tally has congenital a powerful tech-enabled system to help people solve i of the biggest financial problems today: paying off credit card debt," said Phill Rosen, Founder and CEO of Even. "We're thrilled to welcome Tally'due south line of credit offerings to Even's unparalleled network of fiscal services providers." Tally is designed to help its members pay off their debt faster and salvage them money on involvement and belatedly fees. Members can lower their monthly payment with Tally's lower-interest line of credit, if eligible. Typically, at least a 580 FICO score is needed. Tally'southward organisation is customized to save people as much money equally possible. "Americans today owe nearly $one trillion in credit card debt. Nosotros know from our inquiry that many want to pay downwardly their debt merely struggle to go started. That's where Tally comes in," said Jason Huynh, VP of Credit, Analytics & Operations at Tally. "Our system combines financial automation with a low-interest line of credit to give people the help they need to go on track to pay off their credit card debt for good. We're thrilled that our partnership with Even will allow Tally to help even more people." The launch of Tally on the Fifty-fifty platform enables consumers to get matched with Tally's custom, low-involvement line of credit accounts of up to $25,000 in simply a few minutes. Afterward getting matched, eligible consumers complete the procedure through the Tally app. At that place are no out-of-pocket costs. Tally is the latest partner to join the Even market, a growing network of over 400 financial services partners and 500 aqueduct partners covering a latitude of financial services including loans, credit cards, mortgages, savings, and insurance products. Fifty-fifty's marketplace applied science enables whatever company to add financial products to its business, with full compliance and security, at scale. About Fifty-fifty Financial Even digitally connects and matches consumers with existent-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages car learning and avant-garde data science to solve a significant pain point in financial services client acquisition, seamlessly bridging financial services providers (such equally SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Fifty-fifty enables whatever company to add fiscal products to its business, with full compliance and security at calibration. Even was named one of "America's Best Startup Employers'' by Forbes for 2021 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Acquire more at world wide web.evenfinancial.com. Nigh Tally Tally is a consumer financial tech visitor pioneering full-service financial automation to assistance people salve money, pay down their debt and reach their goals sooner. Founded in 2015, the company built the kickoff fully automated debt director to help put billions of dollars back in people'due south pockets. In 2021, Tally was named to Fast Visitor's Most Innovative Companies listing and to Quartz's Best Companies for Remote Workers. Previously, Tally made Forbes' Next Billion Dollar Startup list, Forbes' Fintech 50 list, and the app won Existent Elementary'due south Smart Money honor. Larn more at meettally.com. Media Contacts media@evenfinancial.com press@meettally.com
HAVEN LIFE
Haven Life'due south All-Digital Life Insurance Application Experience Launches on Fifty-fifty Financial's Leading Life Insurance Search Engine
Even features the manufacture's largest multi-carrier, all-digital life insurance marketplace New York, New York August 16, 2021Even Financial (Even), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Fifty-fifty solves a meaning pain point in financial services customer acquisition past seamlessly bridging fiscal institutions and channel partners via its industry-leading API and embeddable solutions. With the addition of Haven Term and Haven Simple, Even has further expanded its all-encompassing network of premium life insurance offerings, strengthening its position as the industrys largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its delivery to making life insurance more affordable and accessible. Haven Lifes term life insurance offerings volition be available on Even properties and via its wholly owned subsidiary LeapLife. "In these uncertain times, the majority of U.South. adults desire the fiscal security of high-quality life insurance, merely are ofttimes dissuaded by the complex application process and need to complete an in-person medical exam", said Phill Rosen, Founder and CEO of Even Financial. "Oasis Life's groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. Nosotros're thrilled to welcome them to the Even platform." The launch of Haven Term and Haven Elementary on the Even platform enables consumers to go matched with medically underwritten term life insurance policies that they can use for and, if canonical, buy instantly online. While nigh Haven Term applicants volition need to have a medical examination, Haven Simple applicants do non. Haven Life's offerings aggrandize the variety of life insurance options already available to consumers through Fifty-fifty's API. "Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more than affordable pricing for the Haven Term product, our partnership with Even Fiscal allows u.s. to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency. Fifty-fifty entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance bureau. Since that conquering, Even has worked with its big network of channel partners to make the process of getting personalized life insurance fast, easy, and attainable for consumers. In addition to Haven Term and Oasis Simple, products offered by leading insurance companies including Lincoln Fiscal Grouping, Pacific Life, and Mutual of Omaha are bachelor through LeapLife, Even'southward life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even'south embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support. Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this twelvemonth, Even was named 1 of "America's Best Startup Employers: by Forbes" for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. About Even Fiscal Founded in 2014, Fifty-fifty Financial is a B2B fintech company that is transforming the way financial institutions observe and connect with consumers. Equally the leading search, comparison, and recommendation engine for fiscal services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple however robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive fiscal services marketplace with full compliance and security at scale. The visitor is backed past leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity's F-Prime number Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at world wide web.evenfinancial.com. Almost Haven Life Insurance Agency Oasis Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they dearest. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modernistic life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued past Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. Policy and rider form numbers and features may vary past state and may non be available in all states. Oasis Term is available through Haven Life Insurance Agency, LLC (Oasis Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual. Delight notation that issuing the policy or paying its benefits depends on the applicant's insurability, based on their answers to the wellness questions in the application, and their truthfulness. MassMutual and its subsidiaries C.K. Life Insurance Visitor and MML Bay State Life Insurance Company are rated past A.1000. All-time Company as A++ (Superior; Top category of xv). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies. Media Contact media@evenfinancial.com
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