Mobile bank MoneyLion to go public via blank-check merger in $2.9 billion deal
(Reuters) – Mobile banking platform MoneyLion Inc talked about on Friday it has agreed to go public by means of a merger with blank-check company Fusion Acquisition Corp, in a deal that values the equity of the combined agency at $2.9 billion.
MoneyLion talked about it expects the combined agency, which might have an enterprise value of $2.4 billion, to get $526 million in cash proceeds.
The deal will in all probability be supported by a $250 million private funding from funds and accounts managed by BlackRock, associates of Apollo Global Management and others.
New York-based fintech agency MoneyLion was based mostly in 2013 and is led by co-founder and Chief Executive Officer Diwakar Choubey, a Wall Street authorities who has held senior positions at Goldman Sachs Group Inc, Citadel and Barclays PLC.
The platform makes use of machine …