American mobile banking platform MoneyLion has agreed to acquire embedded finance marketplace Even Financial (Even) for $440m.
Even’s marketplace technology offers financial product recommendations from banks, insurers and fintechs on smartphone apps, websites and other consumer touchpoints.
Even leverages machine learning and data science to bridge the gap between financial institutions and channel partners via its API and embedded finance marketplaces.
The acquisition gives MoneyLion access to Even’s network of over 400 financial institution partners and 500 channel partners that offer a wide range of financial services such as loans, credit cards, mortgages, savings, and insurance products.
It also expands MoneyLion’s addressable market, while extending the reach of its products and diversifying its revenue mix.
MoneyLion co-founder and CEO Dee Choubey said: “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.
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“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.”
The $440m deal includes a $360m upfront payment comprised of $15m in cash and $345m in preferred shares. The remaining is subject to the successful achievement of certain revenue targets.
Under the agreement, Even will operate as an independent entity as a unit of MoneyLion.
Even CEO and founder Phillip Rosen said: “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.”