US-based mobile banking platform MoneyLion has completed its previously announced acquisition of embedded finance marketplace Even Financial.
The deal closed nearly two months after MoneyLion agreed to the finance marketplace for $440m.
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Even was established in 2014 and it provides consumers with real-time, personalised financial product recommendations from financial institutions.
The company’s network includes around 400 financial institution partners and 500 channel partners offering an array of services such as loans, credit cards, savings, mortgages and insurance products.
The acquisition will increase the range of services available through MoneyLion platform. It will also bolster MoneyLion’s addressable market, distribution capabilities and diversify revenue composition.
MoneyLion co-founder and CEO Dee Choubey said: “With this transaction, we have combined MoneyLion’s powerful first-party products and open architecture marketplace with Even’s dynamic recommendation engine and expanding partner network to broaden the range of products and services within the MoneyLion platform.
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By GlobalData“In doing so, we have enhanced our product leadership to position MoneyLion as a ‘must have’ consumer finance product for hard-working Americans. Together, MoneyLion and Even will improve existing consumers’ financial lives and expand our aperture to service a new segment of consumers.
“Together with our current capabilities, we are well positioned to advance our leading position in hyper-personalised lifestyle content and financial recommendations.”
As agreed, Even will operate as an independent subsidiary of MoneyLion led by the current management team.
The first phase of product integration is already complete with around 60 60 solutions providers available in MoneyLion’s Marketplace.
