MoneyLion Inc. (“MoneyLion”), America’s leading digital financial
platform, and Fusion Acquisition Corp. (NYSE: FUSE) (“Fusion”) have
entered into a definitive agreement which would result in MoneyLion
becoming a publicly listed company.
MoneyLion uses the power of technology to empower hard-working
Americans to take control of their finances and achieve their life
goals. MoneyLion’s data-driven, digital financial platform provides
access to a comprehensive suite of products that help members bank,
borrow, save, invest, and grow – all in one app. These products
include:
- RoarMoney: Modern mobile
banking that enables members to get paid up to two
days early and manage their day-to-day spending, with no
hidden fees, cashback rewards, and robust security
controls.
-
Investing: Full featured, automated
investing tools with a variety of investment options,
including ESG portfolios, so members can invest in
strategies that match their personal preferences.
- Instacash: Interest-free salary
advances with no monthly fees to help
members bridge short-term timing gaps in their
income, enabling them to pay their bills on time or cover
unexpected expenses without incurring costly
overdraft fees.
- Credit Builder
Plus: A program designed to help
members build or rebuild their credit – more
than half of the members in this program increase their credit
score by 60 points in the first 60 days.
In addition to offering a complementary suite of financial
products, MoneyLion has pioneered a new approach to personal
financial management with Financial
Heartbeat, an intelligent, automated advice
platform that guides members on their
financial journey. Financial Heartbeat evaluates members’
financial situation across four key dimensions and delivers
personalized advice that helps them decide what actions to take and
which products to use to improve their financial health.
Through these products and personalized advice, MoneyLion is
changing the way people think about and take control of their
money, relieve financial stress and, ultimately, make confident
financial decisions to achieve both their near- and long-term
goals.
MoneyLion Investment Highlights
- Mission-Driven
Organization. MoneyLion’s mission is to use the power of
technology to empower hard-working Americans to take control of
their finances, help them manage their money more effectively, and
make confident financial decisions to put them on a path to achieve
their goals.
- Serving 100 Million
Hard-Working Americans. MoneyLion aims to serve the 100
million middle-class Americans who are currently disadvantaged by a
system not built for their needs. This underserved population
represents trillions of dollars in annual savings, spending and
investments, and is a $250 billion revenue opportunity for
MoneyLion.
- Data-Driven Approach to
Product Innovation. Through a holistic, digital platform,
the Company harnesses data and insights to deliver more
personalized customer experiences and helps accelerate product
development and innovation. In 2021, MoneyLion plans to roll out a
new slate of products, including the next generation of the
Financial Heartbeat platform, new credit and
financing products, and a crypto rewards
offering.
- Complete Product Solution
Drives Attractive Unit Economics. MoneyLion offers a
single platform to address all of its customers’ needs. Multiple
product engagement increases revenue per customer and is paired
with a highly efficient marketing cost structure.
- Accelerating Adjusted
Revenue1 Growth.
MoneyLion generated $76 million of adjusted revenue in 2020,
finishing the year on a $102 million adjusted revenue run-rate in
Q4 2020. MoneyLion forecasts adjusted revenue for 2021 of $144
million, representing year-over-year growth of approximately 88%.
The Company expects significant long-term upside from penetrating
an enormous addressable market and cross-selling products with its
platform approach.
- Proven Management
Team: MoneyLion is led by an accomplished and experienced
senior management team with significant finance and tech
experience, and a strong track record of driving growth and
profitability.
“MoneyLion is a digital financial platform on a mission to
rewire a broken banking system that applies a one-size-fits-all
approach to personal finance,” said Dee Choubey, CEO and co-founder
of MoneyLion. “We are using transformative technology to bring the
private banking experience to everyone – in a single app. Our
platform surrounds each customer with the financial tools, content,
and actionable advice relevant to their unique situation. This
model is generating high user growth, multiple product engagement,
and low cost of acquisition. A public listing enhances our ability
to scale more quickly and continue to innovate so that we can help
more people take control of their finances and achieve their life
goals.”
John James, Founder and CEO of Fusion, commented: “MoneyLion is
at the perfect high-growth inflection point that makes accessing
public markets a logical next step. This will be the first publicly
traded all-in-one digital financial services platform, which in and
of itself creates huge scarcity value for the Company. Unlike its
peers, MoneyLion has purpose-built its technology and operates a
holistic platform with multiple products and revenue streams with
strong unit economics. We believe in today's market there are
limited opportunities to invest in high-growth businesses built for
profitability like MoneyLion. We look forward to partnering with
the Company's highly experienced team of technologists and
financial product experts to accelerate growth post-merger.”
Transaction Terms & Financing
The combined Company will have an estimated post-transaction
enterprise value of $2.4 billion with an estimated equity value of
$2.9 billion from the contribution of up to $526 million in cash
proceeds from the transaction, net of debt paydown and expenses.
Proceeds will consist of up to $350 million of cash held in
Fusion’s trust account and an additional $250 million fully
committed private investment at $10.00 per share led by funds and
accounts managed by BlackRock, certain funds managed by affiliates
of Apollo Global Management, Inc., and leading global technology
and growth investors.
The net proceeds raised from the transaction will be used to
support MoneyLion’s working capital and scale its proven platform
and suite of products.
MoneyLion shareholders will hold approximately 76% of the equity
of the combined Company by rolling their existing holdings in
MoneyLion. That ownership percentage could change if MoneyLion
elects to have its existing shareholders receive cash as part of
the transaction consideration. The business combination has been
unanimously approved by the boards of directors of both MoneyLion
and Fusion and is expected to close in the first half of 2021,
subject to regulatory and stockholder approvals, and other
customary closing conditions. Upon closing of the transaction,
Fusion will be renamed MoneyLion Inc. and is expected to remain
listed on the New York Stock Exchange.
For a summary of the material terms of the proposed transaction,
as well as a supplemental investor presentation, please see the
Current Report on Form 8-K filed today with the U.S. Securities and
Exchange Commission (“SEC”). Additional information about the
proposed transaction will be described in Fusion’s registration
statement relating to the merger, which it will file with the
SEC.
Advisors
Citi, Broadhaven, and FT Partners acted as financial advisors to
MoneyLion. Davis Polk & Wardwell LLP acted as legal advisor to
MoneyLion. J.P. Morgan Securities LLC served as exclusive financial
advisor and lead placement agent to Fusion. Cantor Fitzgerald &
Co. is acting as capital markets advisor to Fusion and White &
Case LLP acted as legal advisor to Fusion. Citi, Cantor Fitzgerald
& Co. and Odeon Capital Group, LLC also acted as co-placement
agents on the PIPE.
Conference Call & Webcast Information
Fusion and MoneyLion management will host a conference call and
webcast to discuss the proposed transaction today, February 12,
2021, at 8:00 a.m. Eastern time.
The webcast will be available here and can also be accessed on
MoneyLion’s website at www.moneylion.com/investors or Fusion’s
website at www.fusionacq.com.
For those who wish to participate by telephone, please dial
(833) 362-0225 (U.S.) or (914) 987-7682 (International) and
reference conference ID 3796264.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at (949)
574-3860.
The conference call will be broadcast live and available for
replay here and via Fusion’s website at www.fusionacq.com.
A telephonic replay of the conference call will be available
after 11:00 a.m. Eastern time today through February 19, 2021 by
dialing (855) 859-2056 (U.S.) or (404) 537-3406 (International) and
referencing conference ID 3796264.
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 7.5 million hard-working
Americans and has earned its members' trust by building a
full-service digital platform to deliver mobile banking, lending,
and investment solutions. From a single app, members can get a
360-degree snapshot of their financial lives and have access to
personalized tips and tools to build and improve their credit and
achieve everyday savings. MoneyLion is headquartered in New
York City, with offices in San Francisco, Salt Lake
City, Sioux Falls, and Kuala Lumpur, Malaysia. MoneyLion
has achieved 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's Voice Award. For more
information, please visit www.moneylion.com or download the
app.
About Fusion Acquisition Corporation
Fusion Acquisition Corporation is a special purpose acquisition
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. The
Company was founded by and is led by CEO John James (who also
stands behind the global fintech, BetaSmartz, as well as
co-founding emerging opportunities investment company, Boka Group),
and Chairman Jim Ross (senior advisor to State Street and former
Chairman of State Street Global Advisors SPDR ETFs). Fusion is
focusing on businesses with an enterprise value of approximately
$750 million to $3 billion that are applying, providing or changing
technology within the fintech or asset and wealth management
sectors. For more information, visit fusionacq.com.
Forward-Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “estimate,” “plan,” “project,” “forecast,” “intend,”
“will,” “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
performance metrics and expectations and timing related to
potential benefits, terms and timing of the transaction. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of MoneyLion’s and Fusion’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of MoneyLion and
Fusion. These forward-looking statements are subject to a number of
risks and uncertainties, including changes in domestic and foreign
business, market, financial, political and legal conditions; the
inability of the parties to successfully or timely consummate the
proposed business combination, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the proposed business
combination or that the approval of the shareholders of Fusion or
MoneyLion is not obtained; failure to realize the anticipated
benefits of the proposed business combination; risks relating to
the uncertainty of the projected financial information with respect
to MoneyLion; future global, regional or local economic and market
conditions; the development, effects and enforcement of laws and
regulations; MoneyLion’s ability to manage future growth;
MoneyLion’s ability to develop new products and solutions, bring
them to market in a timely manner, and make enhancements to its
platform; the effects of competition on MoneyLion’s future
business; the amount of redemption requests made by Fusion’s public
shareholders; the ability of Fusion or the combined company to
issue equity or equity-linked securities in connection with the
proposed business combination or in the future; the outcome of any
potential litigation, government and regulatory proceedings,
investigations and inquiries; and those factors discussed in
Fusion’s final prospectus dated June 25, 2020 and Quarterly Report
on Form 10-Q for the quarter ended September 30, 2020, in each
case, under the heading “Risk Factors,” and other documents of
Fusion filed, or to be filed, with the Securities and Exchange
Commission (“SEC”). If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that neither MoneyLion nor Fusion presently
know or that MoneyLion and Fusion currently believe are immaterial
that could also cause actual results to differ from those contained
in the forward-looking statements. In addition, forward-looking
statements reflect MoneyLion’s and Fusion’s expectations, plans or
forecasts of future events and views as of the date of this press
release. MoneyLion and Fusion anticipate that subsequent events and
developments will cause MoneyLion’s and Fusion’s assessments to
change. However, while MoneyLion and Fusion may elect to update
these forward-looking statements at some point in the future,
MoneyLion and Fusion specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as
representing MoneyLion’s and Fusion’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Additional Information About the Proposed Business
Combination and Where to Find It
The proposed business combination will be submitted to
shareholders of Fusion for their consideration. Fusion intends to
file a registration statement on Form S-4 (the “Registration
Statement”) with the SEC which will include preliminary and
definitive proxy statements to be distributed to Fusion’s
shareholders in connection with Fusion’s solicitation for proxies
for the vote by Fusion’s shareholders in connection with the
proposed business combination and other matters as described in the
Registration Statement, as well as the prospectus relating to the
offer of the securities to be issued to MoneyLion’s shareholders in
connection with the completion of the proposed business
combination. After the Registration Statement has been filed and
declared effective, Fusion will mail a definitive proxy statement
and other relevant documents to its shareholders as of the record
date established for voting on the proposed business combination.
Fusion’s shareholders and other interested persons are advised to
read, once available, the preliminary proxy statement / prospectus
and any amendments thereto and, once available, the definitive
proxy statement / prospectus, in connection with Fusion’s
solicitation of proxies for its special meeting of shareholders to
be held to approve, among other things, the proposed business
combination, because these documents will contain important
information about Fusion, MoneyLion and the proposed business
combination. Shareholders may also obtain a copy of the preliminary
or definitive proxy statement, once available, as well as other
documents filed with the SEC regarding the proposed business
combination and other documents filed with the SEC by Fusion,
without charge, at the SEC's website located at www.sec.gov or by
directing a request to Cody Slach and Matt Glover, (949) 574-3860,
FUSE@gatewayir.com.
Participants in the Solicitation
Fusion, MoneyLion and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from Fusion’s shareholders in connection
with the proposed business combination. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of Fusion’s shareholders in connection with the
proposed business combination will be set forth in Fusion’s proxy
statement / prospectus when it is filed with the SEC. You can find
more information about Fusion’s directors and executive officers in
Fusion’s final prospectus dated June 25, 2020, filed with the SEC
on June 29, 2020. Additional information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests will be included in the proxy statement /
prospectus when it becomes available. Shareholders, potential
investors and other interested persons should read the proxy
statement / prospectus carefully when it becomes available before
making any voting or investment decisions. You may obtain free
copies of these documents from the sources indicated above.
Contact
Nick BosseMoneyLion Communications(212)
445-8476pr@moneylion.com
Cody Slach, Matt GloverGateway Investor Relations(949)
574-3860FUSE@gatewayir.com
______________________
1 Adjusted Revenue defined as gross revenue net of direct
charge-offs, excluding discontinued products. Adjusted Revenue is a
non-GAAP measure. 2020 and Q4 2020 run-rate adjusted revenue
figures are preliminary and unaudited.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bdafb1ef-e1d6-4400-8820-53f66f8d245a
Fusion Acquisition (NYSE:FUSE.WS)
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부터 8월(8) 2024 으로 9월(9) 2024
Fusion Acquisition (NYSE:FUSE.WS)
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