NEW YORK, Sept. 22, 2021 (GLOBE NEWSWIRE) -- MoneyLion Inc. ("MoneyLion") an award-winning, data-driven, digital financial platform, announced today that it has closed its previously announced business combination with Fusion Acquisition Corp. ("Fusion"). The transaction was approved at a special meeting of Fusion's stockholders on September 21, 2021.
The combined company will be renamed "MoneyLion Inc." and will be led by its existing management team. Its shares of Class A common stock and public warrants are expected to begin trading tomorrow, September 23, 2021, on the New York Stock Exchange ("NYSE") under the ticker symbols "ML" and "ML.WS", respectively.
"Today marks an incredible milestone for MoneyLion," said Dee Choubey, co-founder and CEO of MoneyLion. "Taking this step to become a public company provides us with an incredibly strong balance sheet to accelerate our mission of using our digital financial platform to rewire the banking system and help more people take control of their finances and achieve their life goals. We are grateful for the support from our global team, our investors and everyone who helped us reach this moment, and we are excited for the future ahead."
John James, CEO of Fusion, commented: "The MoneyLion team has positioned the business extremely well for future scale, and this transaction provides them with ample growth capital to expand their already broad suite of products and services, both organically as well as through strategic acquisitions. We look forward to partnering with Dee and his talented management team during their next phase of growth."
MoneyLion's new board of directors will be comprised of ten directors, nine of whom are independent directors as defined in the NYSE listing standards and applicable SEC rules. Led by non-executive Chairman John Chrystal, vice chairman of The Bancorp, Inc., MoneyLion's directors include former Ambassador Dwight Bush Sr., Greg DePetris, fintech and securities industry veteran, Matt Derella, former global vice president of revenue and content partnerships at Twitter, Jeff Gary, CFO of Fusion, Lisa Gersh, co-founder of Oxygen Media, Annette Nazareth, former SEC Commissioner, Michael Paull, president of Disney+ and ESPN+, and Chris Sugden, managing partner, Edison Partners.
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. served 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.
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 over 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. 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 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 about the company, please visit www.moneylion.com. For investor information and updates, visit www.moneylion.com/investors and follow @MoneyLionIR on Twitter.
About Fusion Acquisition Corp.
Fusion Acquisition Corp. 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. Fusion 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). For more information, visit fusionacq.com.
Forward-Looking Statements
This communication 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 MoneyLion's expectations with respect to the impacts of the business combination with Fusion (the "Business Combination") and the products and markets and expected future performance and market opportunities of MoneyLion. These statements are based on various assumptions, whether or not identified in this communication, 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; 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 ability of the combined company to issue equity or equity-linked securities 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, Annual Report on Form 10-K/A for the fiscal period ended December 31, 2020 and registration statement on Form S-4, 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 communication. 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 communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts
MoneyLion Communications
pr@moneylion.com
Cody Slach, Alex Kovtun
Gateway Investor Relations
(949) 574-3860
ML@gatewayir.com
