MoneyLion acquires embedded finance marketplace Even Financial for $440m
Consumer finance platform MoneyLion has acquired B2B fintech Even Financial in a deal worth up to $440 million.
Even connects consumers with financial products
Founded in 2014, Even provides a search, comparison, and recommendation engine via an embeddable API that matches up consumers with personalised financial products from banks, insurance, and fintech companies.
Even’s embedded finance marketplace includes more than 400 financial institutions and 500 channel partners, covering loans, credit cards, mortgages, savings, and insurance products.
MoneyLion co-founder and CEO Dee Choubey claims Even has “revolutionised” how consumers receive recommendations for financial services.
Choubey says combining Even’s recommendation engine with MoneyLion’s products and open architecture marketplace “expands the range of products and services available within our platform”.
Using a convertible finance structure, MoneyLion will pay $360 million upfront comprised of $15 million in cash and $345 million in MoneyLion shares. Subject to revenue targets, a further $80 million, payable in up to 8 million shares, is also on the table.
Even will continue to operate as an independent subsidiary of MoneyLion, led by the company’s current management team.
Founder Phillip Rosen will continue in his role as CEO of Even and will join MoneyLion’s executive committee.
