Another fintech is going public through a blank-check company, in a $2.9b deal

MoneyLion is the latest fintech to go public through a blank-check company.

The digital financial platform said Friday it agreed to merge with Fusion Acquisition, the special purpose acquisition vehicle that is chaired by James Ross, the former chairman of State Street Global Advisors’ global SPDR ETF business. MoneyLion will have an enterprise value of $2.4 billion once the deal closes, which is expected during the first half of the year. The transaction also includes a $250 million private investment from investors such as BlackRock and Apollo Global Management.

The equity value of MoneyLion jumps to $2.9 billion once $350 million from the SPAC and $250 million from the private investment are included, a statement said. MoneyLion will receive $526 million in net proceeds.

Fusion will be renamed MoneyLion and it will trade on the New York Stock Exchange once the merger is completed.

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Source: Another Fintech Is Going Public Through a Blank-Check Company, in a $2.9B Deal | Barron’s