NEW YORK—Consumer finance platform MoneyLion has acquired B2B fintech Even Financial in a deal worth up to $440 million.
Even connects consumers with financial products
Even provides a search, comparison, and recommendation engine via an embeddable API that matches up consumers with personalized financial products from banks, insurance, and fintech companies, Fintech Futures explained.
According to Even, its embedded finance marketplace includes more than 400 financial institutions and 500 channel partners, covering loans, credit cards, mortgages, savings, and insurance products.
In announcing the deal, MoneyLion co-founder and CEO Dee Choubey said Even has “revolutionized” how consumers receive recommendations for financial services.
According to Choubey, 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, Fintech Futures reported.