American digital financial platform MoneyLion announced a merger with the blank check acquisition company Fusion Acquisition Corp (NYSE: FUSE) on Friday.
The SPAC Deal: MoneyLion is valued at $2.4 billion in the merger, which will give the company $500 million in gross proceeds.
Fusion Acquisition is led by Jim Ross who worked at State Street Corporation (NYSE: STT) for over 20 years. Ross is considered an ETF pioneer, bringing to market two of the most popular ETFs: the SPDR S&P 500 ETF (NYSE: SPY) and SPDR Gold Trust (NYSE: GLD).
Current Fusion Acquisition shareholders will own 12% of MoneyLion after the merger.
About MoneyLion: MoneyLion caters to middle-class Americans with products covering mobile banking (RoarMoney), investing, instacash salary advances and a credit builder platform. Credit Builder Plus boosts users credit by more than 60 points in 60 days in 50% of cases, the company said.
The company has over 1.4 million customers.
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