MoneyLion Strengthens Ability To Find, Access Financial Products With $440M Even Financial Acquisition

MoneyLion Inc ML is to acquire embedded finance marketplace Even Financial in a $440 million deal. The development will accelerate MoneyLion’s mission of providing financial access and advice.

Context: Founded in 2013, MoneyLion is a pioneer mobile banking fintech, empowering financial wellness through machine learning and artificial intelligence.

Through RoarMoney, Credit Builder Plus, Instacash Advance, MoneyLion Crypto, and Investment Account, MoneyLion comes as a holistic place to spend, save, invest, borrow and plan.

“MoneyLion empowers all Americans to access all types of financial tools,” co-founder and CEO Dee Choubey said in a recent conversation with Benzinga. “It’s a community where you join to be in the know. You join to be powered by the trends and the data of the community.”

What Happened: Acquiring Even Financial will strengthen MoneyLion’s ability in improving consumers’ abilities to find and access financial products.

Even connects and matches consumers with real-time personalized financial product recommendations through its marketplace technology.

The firm is backed by Goldman Sachs Group Inc GS, American Express Company AXP, SoFi Technologies Inc SOFI, F-Prime Capital, MassMutual Ventures, LendingClub Corporation LC, Canaan Partners, and GreatPoint Ventures.

Why It Matters: Even Financial leverages machine learning and advanced data science to solve significant pain points in financial services acquisition.

Via industry-leading API and embedded finance marketplaces, Even better bridges nearly 400 financial institutions and 500 channel partners across areas like loans, credit cards, mortgages, savings, and insurance products.

“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,” Choubey said.

“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.”

To learn more about MoneyLion, click here.