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.

About Author

Ryan is The Block's deals editor. Before joining he worked at Financial News, and has also written for the likes of Wired, Sifted and AltFi.