Digital financial platform MoneyLion has entered into an agreement to purchase Even Financial for $440m.
Established in 2014, Even connects and matches consumers with real-time personalised financial product recommendations from banks, FinTechs and insurance companies on mobile apps, websites and other consumer touchpoints through its marketplace technology.
The company’s network includes over 400 financial institution partners and 500 channel partners.
According to MoneyLion, the acquisition will strengthen its own platform by improving consumers’ abilities to find and access the right financial products to help them manage their financial lives. It will also expand its addressable market, diversify its revenue mix and extend the reach of its own products.
MoneyLion detailed other key benefits of the acquisition included increasing its distribution capabilities through Even’s wide customer network and broaden the range of products and services available within MoneyLion. The company added that the acquisition will position MoneyLion as a ‘must have’ consumer finance product, leveraging its AI-driven intelligence layer to match consumers with the right product at the right time.
The acquisition is expected to add $90m of revenue onto MoneyLion’s earnings as well positive EBITDA for 2022.
Even will continue to operate as an independent subsidiary of MoneyLion, with Phillip Rosen to continue as CEO of Even and join MoneyLion’s executive committee.
MoneyLion remarked that it will collaborate with Even to accelerate the technology roadmap for Even’s financial marketplace, as well as offer the whole MoneyLion suite of products to Even’s channel partners.
MoneyLion co-founder and CEO Dee Choubey said, “Even has revolutionised how consumers receive recommendations for financial services. Combining Even’s best-in-class recommendation engine with MoneyLion’s powerful first-party products and open architecture marketplace expands the range of products and services available within our platform, while delivering a new distribution channel for Even’s financial partners. Together, we can accelerate our mission of providing financial 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.”
Even CEO and founder Phillip Rosen added, “At Even, our vision is to use machine learning to reimagine how financial institutions find and connect with consumers, while providing them with a superb and trusted user experience. 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 financial solutions for their needs, while greatly extending distribution for MoneyLion’s suite of products.”
MoneyLion launched publicly earlier this year, following the merger with blank check company Fusion Acquisition.
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