Digital finance platform MoneyLion Inc. (NYSE: ML) is set to acquire embedded finance marketplace Even Financial Inc., its third acquisition this year after content studio Malka Media Group and algorithmic financial planning fintech startup WealthTech. The acquisition is expected to accelerate MoneyLion’s mission of providing financial access and advice to its clients.
The deal is expected to result in a total consideration to Even’s equity holders of up to $440 million, using a convertible financing structure that values MoneyLion at its initial public listing price of $10 per share. Even Financial has raised a total funding of $67 million till date from marquee investors including Goldman Sachs, American Express Ventures, Citi Ventures, F-Prime Capital, MassMutual Ventures, LendingClub, Canaan Partners, GreatPoint Ventures and AAF Management.
Founded in 2014 by Ian Rosen, Jarid Maged and Phill Rosen, New York based Even Financial is a search, comparison and recommendation engine for financial services.
Founded in 2013 by Chee Mun Foong, Diwakar Choubey and Pratyush Tiwari, MoneyLion is a digital finance platform for borrowing, saving, and investing.