Fusion SPAC shareholders approve merger with MoneyLion
By Robert Davis
17:22, 22 September 2021
Shareholders of Fusion Acquisition, a special purpose acquisition company (SPAC), overwhelmingly approved Tuesday a merger with MoneyLion, according to a company filing with the Securities and Exchange Commission.
The vote paves the way for MoneyLion, a personal finance and mobile banking platform, to begin trading on the New York Stock Exchange under the ticker symbol "ML" on 23 September.
Shares of Fusion were down around 8% Wednesday to $9.95 (7.28p) after gaining 9.5% the day before.
About MoneyLion
MoneyLion offers its customers a “360-degree” view of their personal finances, a recent press release stated. The company’s platform offers a snapshot of the user’s current financial health and offers tips and tricks to improve their financial standing in the future.
The platform is also actively trying to attract new users. It recently expanded to include cryptocurrency trading as a way of bringing more investors to the digital asset market and also launched a $1m prize pool giveaway.
In a recent interview with Bloomberg Daybreak Asia, MoneyLion CEO Dee Choubey said the goal of the expansion is to better educate investors who have no experience with cryptocurrencies.
“If you take a step back, 87% of Americans still have never touched cryptocurrencies,” Choubey said. “Our approach is to make it really educational and then build it into everyday transactions, like round ups. Every time you use MoneyLion's digital banking solution, you can round up into Bitcoin or Ethereum.”
Tailwinds
MoneyLion is one of several financial technology (FinTech) companies that are capturing the tailwinds of the Covid-19 pandemic and going public. Others include Remitly Global and Clearwater Analytics.
Choubey also told Bloomberg that there is significant support for continued growth in the US FinTech industry.
“There are significant tailwinds. We're in the early innings of digital transformation. How you go public is less important, and more important for us is the confidence in the plan that we've put out into the market,” he said.
According to research from ResearchandMarkets.com, the global FinTech market is expected to reach $190bn by 2026 at a compound annual growth rate of 13.7%. The Americas make up 73% of the market share as well.
Read more: MoneyLion raises revenue guidance on new Crypto, BNPL products
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