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FT Partners Advises MoneyLion on its $2,400,000,000 SPAC Merger with Fusion Acquisition Corp.

Overview of Transaction

  • On February 12, 2021, MoneyLion Inc. (“MoneyLion”) and Fusion Acquisition Corp. (NYSE: FUSE) (“Fusion”) announced that they have entered into a definitive agreement which would result in MoneyLion becoming a publicly listed company via a merger
  • Upon closing of the transaction, Fusion will be renamed MoneyLion Inc., and is expected to remain listed on the New York Stock Exchange
  • The combined Company will have an estimated pro forma enterprise value of $2.4 billion
  • 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 equity investors
  • 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 8.5 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

Significance of Transaction

  • MoneyLion shareholders will hold approximately 76% of the equity of the combined Company by rolling their existing holdings in MoneyLion
  • The net proceeds raised from the transaction will be used to accelerate the growth and scale of MoneyLion’s proven platform and suite of products

FT Partners' Role

  • FT Partners served as financial advisor to MoneyLion
  • FT Partners previously advised MoneyLion on its on its $100 million Series C financing in 2019 and its $82 million Series B financing in 2018
  • This transaction builds on FT Partners' expertise in navigating the unique process in selling companies to SPACs, and follows highly successful sales of FT Partners’ clients Payoneer, Porch, Open Lending, CardConnect and REPAY