Mobile banking firm MoneyLion set for SPAC merger, new suite of crypto products

Mobile banking firm MoneyLion has announced plans for a range of crypto products in 2021.

The New York-headquartered company said in its investor presentation on February 12 that it would launch a new crypto platform to allow customers to “trade, round-up, earn rewards in digital assets and use a crypto wallet for P2P payments”.

MoneyLion also announced plans to go public through a merger with blank-check firm Fusion Acquisition Corp., a special purpose acquisition company (SPAC).

The deal will give MoneyLion a post-transaction valuation of $2.9 billion, according to the boutique bank FT Partners, which advised on the transaction.

MoneyLion, launched in 2013, currently offers its 7.5 million customers a range of financial services including loans, investments and banking.

The company last raised money in 2019, when it closed a $100 million Series C from investors including Capital One, MetaBank, Edison Partners, Greenspring Associates and FinTech Collective.

Besides the crypto platform, MoneyLion is also prepping a range of product launches including a financial health monitoring tool and new credit and financing products.