finance news

MoneyLion Inc. acquires Even Financial Inc. to reinforce platform

MoneyLion Inc. acquires Even Financial Inc. to reinforce platform

MoneyLion Inc., the digital financial platform, has reportedly acquired Even Financial Inc., the segment-leading marketplace of embedded finance.

The acquisition reinforces the company’s platform by enhancing the abilities of consumers to discover and access appropriate financial products to aid them to manage their financial lives through the network of Even, which spans more than 400 financial institution collaborators and nearly 500 channel partners. It also covers a wide range of financial services including credit cards, loans, savings, mortgages, and insurance products.

This acquisition increases the distribution capabilities of MoneyLion. It also varies its revenue composition and is predicted to be accumulative of the company earnings with Even expected to add increased EBITDA this year, excluding collaborations.

According to the CEO and Co-Founder of MoneyLion, Dee Choubey, this transaction has enabled the company to consolidate its robust open architecture marketplace and first-party products with the dynamic recommendation engine and expansive partner network of Even Financial to widen the range of services and products within the MoneyLion platform.

Even’s CEO and Founder Phillip Rosen commented that the company has assisted more than 400 financial institutional collaborators to discover and connect with consumers through a combination of its trusted user experience and expertise in machine learning.

Even and MoneyLion have completed the first phase of integrating their product, with more than 60 solution providers from Even’s expansive network now being represented in the MoneyLion Marketplace across life insurance, personal loans, homeownership, auto insurance among others.

Even Financial will continue to run as MoneyLion’s separate subsidiary, led by the current management team of Even. Phillip Rosen will be appointed as Even’s Chief Executive Officer and will join the executive committee of MoneyLion.

Davis Polk & Wardwell LLP served as MoneyLion’s legal advisor whereas Evercore served as its financial advisor. Goodwin Procter LLP served as Even’s legal advisor whereas Broadhaven served as the financial advisor.

Source credit:

About the author

Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.